Eurozone Unemployment

Posted on October 31, 2012 by townsend

• Eurozone unemployment hits new high, By Julia Kollewe and Phillip Inman, October 31, 2012, The Guardian: “Unemployment in the eurozone has risen to a new record, with more than one in four out of work in Spain and Greece. There are now 18.49 million people without jobs in the 17 countries sharing the euro, said the European statistics office Eurostat on Wednesday with an extra 146,000 joining the ranks of the unemployed last month. Youth unemployment – joblessness among under-25s – rose to 23.3%, up from 21% during the same month a year ago. The prospect of high and rising unemployment, especially among younger workers, is expected to persuade the European Central Bank to cut interest rates in the new year from the current record low of 0.75% to support the flagging economy, which probably slumped back to recession in the third quarter, analysts said…”
• Eurozone unemployment figures hit a new high, By Henry Chu and Lauren Frayer, October 31, 2012, Los Angeles Times: “Europe’s economic gloom deepened Wednesday on the back of news that unemployment in the 17-nation Eurozone hit another record high in September as the region’s debt crisis continued to sap the confidence of business owners, investors and consumers alike. About 18.5 million people were out of work in the Eurozone in September, adding up to a jobless rate of 11.6%. That figure exceeds August’s record of 11.5% and follows the worrisome trend of the past half-year, during which unemployment has either remained static or worsened with each successive month. The grim picture painted by Eurostat, the European Union’s statistical agency, comes as the continent’s debt crisis sits on the cusp of entering its fourth year with no full resolution in sight…”