E20: inflation estimate slowing down to +6.1%. Unemployment at historic low
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Euro area inflation rose by 6.1% in May, down from 7% in April, according to Eurostat’s flash estimate. In May, the Eurozone purchasing managers’ index for the manufacturing sector fell to a 36-month low at 44.8 from 45.8 in April, still higher than the preliminary estimate of 44.6, according to data released by S&P Global and the Hamburg Commercial Bank. On a cyclical basis, the index remained flat. The slowdown is due to energy goods and also to food goods.
Analyzing the main components of inflation, in fact food, alcohol and tobacco products record, according to estimates, an annual rate of 12.5% in May compared to 13.5% in April, followed by non-energy industrial goods (5 .8% compared to 6.2% in April), services (5% against 5.2% in April) and energy (-1.7%, against 2.4% in April).
According to the report, factory prices fell for the first time since September 2020. Eurozone unemployment, on the other hand, fell to a record low in April. The unemployment rate was 6.5%, down from 6.6% in March, according to data from Eurostat which revised the figure upwards from the previous estimate of 6.5%. The number of unemployed fell by 33,000 from March to 11.01 million and the youth unemployment rate decreased slightly to 13.9% in April from 14% the previous month.
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