When comparing national unemployment rates, it should be kept in mind that definitions differ between countries. For most countries unemployment in terms of percentage of the labour force was lower in the first quarter than in the year 1999. Only in Japan did it rise slightly. Economic developments in Japan have been quite moderate, particularly in the last few years. Of all the countries under consideration here, the Netherlands has relatively fewest unemployed.
Unemployment is also relatively low in the United States and the United Kingdom.
Spain has the highest unemployment of the EU15, while in Finland, too, unemployment is high, in spite of the higher growth rates in recent years. Inflation and interest rates Inflation rose in June and July in the EU15. Developments in oil prices are an important factor in this respect. In part delayed, earlier price increases for crude petroleum are only now visible in the development of the price index. In addition to higher oil prices, the weakness of the euro against the US dollar and the Japanese yen have pushed up import prices.