Euro Unemployment rate at 5 year low

The seasonally adjusted unemployment rate in the Euro Area came in at 10.1 percent in June 2016 unchanged from the May rate and down from 11 percent a year earlier. It is also the lowest level since July 2011. Among the Member States, the lowest unemployment rates were recorded in Malta (4 percent), Czech Republic (4.1 percent) and Germany (4.2 percent); while the highest unemployment rates were observed in Greece (23.3 percent in April 2016) and Spain (19.9 percent).

“Three years ago we were given a strong mandate to govern, and we set out on our goals. This is a confirmation that this government's strategy is working. We want to maximise the most valuable resource in Malta, the labour force. Fostering a climate of investment, encouraging people to enter the world of work and creating opportunities is an ongoing commitment for this government,”Economy Minister Chris Cardona praised the latest Eurostat employment statistics in a joint press conference addressed by himself, Education and Employment Minister Evarist Bartolo and Finance Minister Edward Scicluna.

“There are more people than ever before who have entered the world of work, improving their quality of life of as many people as possible.

“Maltese businesses are looking to expand and grow, while the government has helped through family-friendly and work-friendly measures,” Dr Cardona continued.

Weekly Closing Wrap

Equity Markets: The pan-European STOXX 600 index rose 0.7 percent after closing nearly 1 percent lower the day before. The index ended with its third straight week of gains. stocks were little changed on Friday. Investor sentiment was also dented by a slower-than-expected growth in U.S. gross domestic product. Six of the 10 major S&P 500 indexes were lower, with the energy sector's 1.26 percent decline making it the top loser.

Currency Markets : The dollar last traded at 103.33 yen, down 1.9 percent, having hit a 2-1/2 week low of 102.705 yen after the BOJ's decision to expand only its purchases of stock market-linked ETF paper. The euro was also 1.7 percent weaker at 114.59 yen.

Commodities Markets: Brent's expiring front-month contract, September, was at $42.27 a barrel down 1 percent on the day and 15 percent on the month. WTI's most-active contract, September, rose 5 cents to $41.19 a barrel, after slipping earlier to below $41 the first time since April. It was on track for a monthly loss of 14.7 percent, its biggest since July 2015.

Treasuries: Benchmark 10-year Treasury notes were up 10/32 in price for a yield of 1.475 percent after hitting a two-week low of 1.472 percent.