Unemployment in euro zone reaches a record 12%, By David Jolly, April 2, 2013, New York Times: “While the euro zone has been transfixed lately by the Cyprus meltdown, another and potentially bigger European crisis has continued to simmer: record-high unemployment. Spending cuts and tax increases aimed at trimming debt and addressing the financial crises in bailed-out euro zone countries, and the rising rate of joblessness in much of the currency bloc, ‘are feeding off of each other,’ said Mark Cliffe, chief economist at ING Group. ‘It’s a bit of a vicious circle,’ he said. ‘Europe is pursuing a policy that is self-evidently failing.’ The euro zone jobless rate rose to 12.0 percent in the first two months of the year, the latest in a series of record highs tracing to late 2011, Eurostat, the statistical agency of the European Union, reported Tuesday…”
Tag: Europe
Euro Zone Unemployment
Euro zone unemployment rises to record, By David Jolly, March 1, 2013, New York Times: “The unemployment rate in the euro zone edged up in January to a new record, official data showed Friday, as the ailing European economy continued to weigh on the job market. That, and new data showing a decline in inflation in the euro zone, could prompt the European Central Bank to take steps to stimulate the economy when its Governing Council meets this week, analysts said…”
Eurozone Joblessness and Poverty
- Brussels fears ‘poverty trap’ for half of Europe as North-South gap widens, By Ambrose Evans-Pritchard, January 8, 2013, The Telegraph: “The jobless rate has reached an all-time high of 26.6pc in Spain, rising to 56.5pc for youth. It is much the same picture in Greece, where unemployment has spiked from 19pc to 26pc over the past year as austerity bites in earnest, with Portugal not far behind as it follows suit with draconian cuts. There are now 18.8m people looking for work across the eurozone…”
- Poverty gap widens between member states, By Nikolaj Nielsen, January 8, 2013, EUobserver: “The economic crisis, which has stripped the social welfare rights of millions, is contributing to a widening poverty gap between member states, the European Commission has said. The worst affected are young people, unemployed women and single mothers in member states predominately located in the east and south of the Union…”