Unemployment in euro zone rises to a new high, By David Jolly and Jack Ewing, November 30, 2012, New York Times: “Unemployment in the euro zone rose to a new high in October, according to official data released Friday. But the head of the European Central Bank tempered the bad news by predicting that the region’s economy would begin to recover next year. Mario Draghi, the E.C.B. president, cautioned that, ‘We haven’t gotten out of the crisis yet.’ But he told Europe 1 radio in Paris, ‘The recovery for the entire euro zone will no doubt begin in the second half of 2013.’ That was a firmer forecast than Mr. Draghi gave earlier last month, when he said only that growth next year would be weak. And it came as separate data indicated that inflation continued to fall, giving the E.C.B. more leeway to pump cash into the economy if needed…”
Tag: Europe
Eurozone Unemployment
- 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…”
Euro Zone Unemployment
- Unemployment in euro zone at record high, By David Jolly and Raphael Minder, October 1, 2012, New York Times: “New data Monday showing record jobless rates in the euro zone underscored the pain inflicted by the slowing world economy and the financial problems plaguing many of the countries that share the euro currency. Unemployment in the 17-member euro area rose to 11.4 percent in August, Eurostat, the statistical agency of the European Union, reported from Luxembourg. The agency also revised the figure for June and July to 11.4 percent, up from the previously reported 11.3 percent, which was already a record level for the region since the introduction of the euro in 1999…”
- Unemployment in 17-country eurozone holds steady at record 11.4 percent in August, Associated Press, October 1, 2012, Washington Post: “Unemployment across the 17 countries that use the euro remained at its record high rate of 11.4 percent in August renewing concerns that efforts to slash debts have sacrificed jobs. While European leaders have calmed financial markets in recent months with promises to cut spending and build a tighter union, they haven’t solved the eurozone’s deep-rooted economic problems and the rising tide of joblessness…”