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Slow progress in Eurozone as jobless, inflation rates hold steady

Published on Feb 28, 2014 8:45 PM

BRUSSELS (AFP) - The eurozone unemployment rate was steady at a near-record 12 per cent in January, with a modest economic recovery yet to produce any sharp headline improvement, while February inflation was also flat, data showed on Friday.

The official figures suggest the bloc continues to make slow progress after exiting a record 18-month recession in second quarter 2013 but growth since then has been far from stellar, reflected in the high jobless figures and low inflation.

Analysts said the economy seems to be stabilising but the European Central Bank will have to be on guard and ready to take more stimulus measures if need be.

Inflation is muted while the "jobs problem is far from over as the unemployment rate remains damagingly high at 12 per cent," said Mr Howard Archer of IHS Global Insight.

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