Joblessness and Unemployment – Europe

Posted on May 2, 2012 by townsend

• Unemployment reaches record high in euro zone, By Jack Ewing, May 2, 2012, New York Times: “Unemployment in the euro zone rose to a new high in March, according to figures released on Wednesday, which came a few days before crucial elections in France and Greece, and which are likely to intensify calls for an easing of the region’s austerity drive. Unemployment in the 17 countries that belong to the euro zone rose to 10.9 percent in March from 10.8 percent in February, according to Eurostat, the European Union’s statistics agency. In March 2011, the rate was 9.9 percent, a number that illustrates the deterioration of the area’s economy during the past year. The monthly increase, the 11th in a row, translates into more than 17 million jobless people, and is in line with other recent indicators showing that the euro zone economy remains distressed. Manufacturing in the zone hit a 34-month low in April, according to a survey of purchasing managers released Wednesday by the research firm Markit…”
• Eurozone unemployment hits record high of 10.9 percent as recession, austerity bite, Associated Press, May 2, 2012, Washington Post: “The 17 countries that use the euro are facing the highest unemployment rates in the history of the currency as recession once again spreads across Europe, pressuring leaders to focus less on austerity and more on stimulating growth. Unemployment in the eurozone rose by 169,000 in March, official figures showed Wednesday, taking the rate up to 10.9 percent – its highest level since the euro was launched in 1999. The seasonally adjusted rate was up from 10.8 percent in February and 9.9 percent a year ago and contrasts sharply with the picture in the U.S., where unemployment has fallen from 9.1 percent in August to 8.2 percent in March. Spain had the highest rate in the eurozone, 24.1 percent – and an alarming 51.1 percent for people under 25…”
• Unemployment benefits vary across the 17-country eurozone, Associated Press, May 2, 2012, Washington Post: “Unemployment benefits across the 17-country eurozone, where joblessness has hit a new record of 10.9 percent, vary considerably. In some countries, welfare payments have been cut recently as part of austerity measures introduced to bring government spending under control. In Spain, where almost a quarter of the adult population is without work, an unemployed person gets 70 percent of his or her monthly wage for as much as two years. That is on the high end for Europe, and highlights the continent’s focus on social safety nets. Monthly wages, however, are relatively low at an average of just over €1,000 ($1,300) a month. Also, the Spanish government has held off cutting jobless benefits in this year’s austerity budget to avoid hurting economic growth and to not heap more misery on the country’s 5.6 million unemployed, many of which own homes whose value has plummeted…”