Canada markets close in 18 minutes
  • S&P/TSX

    20,193.71
    -76.26 (-0.38%)
     
  • S&P 500

    4,278.84
    -26.36 (-0.61%)
     
  • DOW

    34,011.54
    -140.47 (-0.41%)
     
  • CAD/USD

    0.7750
    -0.0036 (-0.46%)
     
  • CRUDE OIL

    87.75
    +1.22 (+1.41%)
     
  • BTC-CAD

    30,095.24
    -954.67 (-3.07%)
     
  • CMC Crypto 200

    555.30
    -17.51 (-3.06%)
     
  • GOLD FUTURES

    1,780.90
    -8.80 (-0.49%)
     
  • RUSSELL 2000

    1,989.93
    -30.60 (-1.51%)
     
  • 10-Yr Bond

    2.8930
    +0.0690 (+2.44%)
     
  • NASDAQ

    12,951.58
    -150.97 (-1.15%)
     
  • VOLATILITY

    19.96
    +0.27 (+1.37%)
     
  • FTSE

    7,515.75
    -20.31 (-0.27%)
     
  • NIKKEI 225

    29,222.77
    +353.86 (+1.23%)
     
  • CAD/EUR

    0.7608
    -0.0045 (-0.59%)
     

Euro zone producer prices surge in Oct, unemployment eases

·1 min read
FILE PHOTO: VW's plant in Wolfsburg, Germany, Europe's largest car factory

BRUSSELS (Reuters) - Euro zone producer prices jumped more than expected in October, data showed on Thursday, driven mainly by a surge in energy prices, while unemployment eased again as the economy continued to recover from the pandemic-induced recession.

The European Union's statistics office Eurostat said prices at factory gates in the 19 countries sharing the euro rose 5.4% month-on-month for a 21.9% year-on-year surge.

Economists polled by Reuters had expected a 3.5% monthly rise and a 19.0% annual gain. Energy prices were the main reason behind the sharp increase, surging 16.8% on the month and rocketing 62.5% year-on-year.

Producer prices translate into higher prices for consumers and in November headline consumer inflation reached 4.9%, by far the highest level in the 25 years since the figure has been compiled, up from 4.1% a month earlier and well ahead of expectations for 4.5%.

Eurostat said the euro zone jobless rate continued to decline, falling to 7.3% of the workforce in October, as expected by economists polled by Reuters, from 7.4% in September.

Eurostat said the number of people without jobs fell to 12.045 million in October from 12.109 in September.

(Reporting by Jan Strupczewski)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting