ECB: Unemployment Rate in Will Continue to Rise

The European Central Bank said in a publication on Thursday that the unemployment rate will continue to rise in the Eurozone and that there is a limited increase in consumer demand even as the economy recovers from an unprecedented recession.

In the bulletin, which largely reflects the economic expectations and policy decisions issued by the European Central Bank on September 10, the bank said unemployment will rise as the current rate does not fully account for the impact of the Coronavirus pandemic and the numbers are affected by job support schemes.

The bank also reiterated its long-term guidance that it stands ready to adjust all its instruments when needed to boost inflation.