Euro Maintains Gains against US Dollar After August Labor Market Update

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THE TAKEAWAY: EUR Euro-zone Unemployment Rate (AUG) > 11.4% versus 11.4% expected, from 11.4% (revised from 11.3%) > EURUSD BULLISH

Labor markets across Europe remain under pressure as governments implement harsh austerity measures in an effort to clamp down the sovereign debt crisis. The Euro-zone’s Unemployment Rate, perhaps the best gauge used to measure the real economic impact by the crisis, remained at an all-time high of 11.4% in August, data released today showed. Similarly, the Unemployment Rate in July was revised higher to 11.4% from 11.3%.

The disparities between Europe’s periphery and core are growing: Spanish unemployment increased to 25.1% in August; whereas the German Federal Labor Agency today reported that German unemployment held at 5.5%. Taking a step back and looking at the Unemployment Rates over the past few years, it’s clear that the economic situation in Europe is worsening: one-year ago, the rate was 10.3%; five-years ago, the rate was 7.6%.

For more : dailyfx.com

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