Eurozone unemployment rate dropped -0.1% to 7.5% in May, beat expectation of 7.6%. That’s also the lowest level since July 2008. EU 28 unemployment rate also dropped -0.1% to 6.3%. Among the Member States, the lowest unemployment rates in May 2019 were recorded in Czechia (2.2%), Germany (3.1%) and the Netherlands (3.3%). The highest unemployment rates were observed in Greece (18.1% in March 2019), Spain (13.6%) and Italy (9.9%).
Also from Eurozone, M3 money supply rose 4.8% yoy in May, above expectation of 4.6%. PMI manufacturing was finalized at 47.6 in June, revised down from 47.8. From Germany, unemployment dropped -1k in June versus expectation of 0.0%. Unemployment rate was unchanged at 5.0% in June, matched expectations.
Economic data from Swiss posted bigger downside surprises. Swiss PMI manufacturing dropped to 47.7 in June, down from 48.6 and missed expectation of 49.0. Retail sales dropped -1.7% yoy in May, much worse than expectation of 0.6% yoy.
EUR/CHF is staying in consolidation from 1.1056 today despite volatility elsewhere.
