Singapore Markets close in 22 mins

Eurozone unemployment falls to lowest rate since May 2008

European Central Bank President Mario Draghi listens to a question by a European Parliament member at the European Parliament in Brussels, Monday, Sept. 23, 2019. (AP Photo/Francisco Seco)

BRUSSELS (AP) — Official figures show that the unemployment rate across the 19-country eurozone fell in August to its lowest rate since May 2008.

Eurostat, the European Union's statistics agency, said Monday that the eurozone's jobless rate declined to 7.4% in August from 7.5% the month before.

There were 12.17 million people out of work across the single currency bloc, a decline of 115,000 on the month before, the biggest in five months.

With eurozone growth set to slow, analysts think the unemployment declines will moderate. And that, they say, will further ease wage growth and keep a lid on inflation.

Earlier this month, the European Central Bank unveiled another stimulus package to get inflation higher. Figures due for release Tuesday are expected to show inflation at a muted level of 1%.