Unemployment in the Eurozone continues to fall. In May, it dropped to 7.5%, the lowest level since 2008. Together decent wage growth and low inflation, which is positive for consumer purchasing power, the outlook for household spending remains healthy.
This reduces the chance of a recession, despite the fact that the manufacturing sector in particular remains in the doldrums, partly because of the ongoing trade tensions. Yet, with GDP expected to grow by just over 1% this year, the Eurozone economy has clearly lost momentum.
