Euro Area unemployment rate edges up to 6.5% in June

The jobless rate in the Euro Area was reported at 6.5% in June, up from an all-time low of 6.4% in May.

In comparison, market consensus had pointed to a rate of 6.4%.

In June, the number of unemployed persons increased by 41,000 from the preceding month to 11.122 million, data by Eurostat showed.

Euro Area’s youth unemployment rate, which tracks job-seekers aged between 15 and 24, dropped to 14.1% in June from 14.2% in May.

Among major economies in the bloc, Spain still reported the highest jobless rate, 11.5%, while Germany reported the lowest jobless rate, 3.4%.

A year ago, the unemployment rate in the Euro Area stood at 6.5%.

The Euro was last 0.36% weaker on the day against the US Dollar, with the EUR/USD currency pair trading at 1.0787.

The major Forex pair was hovering just above a fresh one-month low of 1.0777, as market players continue to price in at least two additional rate cuts by the European Central Bank this year.