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Eurozone official unemployment rate steady in May at 7.2 pct

01 July 2008, 11:26 CET

(BRUSSELS) - The unemployment rate in the 15-nation eurozone held steady in May for the sixth month running at a record low point of 7.2 percent, according to official EU data released on Tuesday.

The unemployment rate, which the European Union's Eurostat data agency adjusted to take seasonal variations into account, is the lowest on its books going back to 1993.

Eurostat had originally reported that unemployment in the bloc was at a new record low point of 7.1 percent in April, but revised the figure up in a second estimate after several member states updated their calculation process.

While the eurozone economy has slowed over the past year, unemployment has seen a gradual decline in the bloc although the fall has recently stalled. The jobless rate was down from 7.5 percent in May 2007.

Long a major headache for eurozone politicians, unemployment in the eurozone has gradually eased in recent years since peaking at 9.1 percent in March 2005.

In the 27-nation EU as a whole, the unemployment rate ticked up in May to 6.8 percent from 6.7 percent in April, but was down from 7.2 percent in May 2007.

Eurostat estimated that 16.17 million workers were without a job throughout the EU, including 11.20 million in the eurozone.

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