Euro area unemployment registers unexpected dip in April

Unemployment in the single currency bloc surprised to the downside in April, reaching its lowest level since August 2008.

According to Eurostat, the Eurozone's rate of unemployment dipped by a tenth of a percentage point from the month before to reach 7.6%.

Economists' forecasts were for unemployment to be steady at 7.7%.

One year ago, unemployment had stood at 8.4%.

Rates of unemployment fell in Austria, Ireland, Poland, and Spain.

In Poland, the rate of joblessness declined by a tenth of a percentage point from March to reach 3.7% and in Spain by two tenths to 13.8%.

Meanwhile, in Germany the rate of unemployment was unchanged at 3.2%, in France at 8.7% and in Italy at 10.2%.

Measured in absolute terms, and upon seasonal adjustment, the number of people out of work shrank by 64,000 to 12.529m.