Euro area Unemployment Rate declines to 6.6% in May vs. 6.8% expected

• Unemployment Rate in the euro area edged lower in May.
• EUR/USD continues to trade below 1.0450 after the data.

The seasonally-adjusted Unemployment Rate in the euro area declined to 6.6% in May from 6.7% in April, the data published by Eurostat showed on Thursday. This reading came in better than the market expectation of 6.8%.

In the EU, the unemployment rate stayed unchanged at 6.1% in May. "Eurostat estimates that 13.066 million men and women in the EU, of whom 11.004 million in the euro area, were unemployed in May 2022," the publication further read.

Market reaction

These figures failed to help the shared currency find demand. As of writing, the EUR/USD pair was flat on the dy at 1.0437.