- France’s April unemployment rate dropped 0.2 percent from the previous month to 9.3 percent and 0.8 percent compared to April 2005. “Since the summer of 2005, the French economy has returned to more robust growth,” said the French statistical agency INSEE in its June analysis. “The unemployment rate is expected to diminish continuously throughout the year to 9 percent in December, reflecting a substantial acceleration in market-sector dependent employment.”
- Germany’s May unemployment rate of 10.8 percent was 0.7 percent lower compared to April and dropped 0.8 percent compared to May 2005.
- Preliminary figures show the UK’s jobless rate for the three-month period ending in May increased 0.2 percent from the February-April period to 5.3 percent and grew 0.6 percent from the same period in 2005.
- The European Central Bank raised its benchmark interest rate 0.25 percent to 2.75 percent June 8. Also, Denmark’s National Bank raised its 2-week CD rate 25 basis points to 3 percent. Other European nations raising rates 0.25 percent were the Swiss National Bank (1.5 percent), National Bank of Hungary (6.25 percent), and Swedish Riksbank (2.25 percent). The Bank of Slovenia cut its benchmark Lombard rate 0.25 percent to 4.25 percent.
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