- Unemployment in Euro Zone hits record high, By David Jolly, July 2, 2012, New York Times: “Fundamental weaknesses in the euro zone economy were back in the spotlight Monday, with the release of reports showing record unemployment in May, a decline in manufacturing and intense pressure on French public finances just days after European leaders decided on measures to reinforce the longer-term prospects for the currency union. Unemployment in the euro zone rose in May to 11.1 percent from 11.0 percent in April, Eurostat, the statistical agency of the European Union, reported from Luxembourg. The May jobless figure was the highest recorded since the creation of the euro in 1999…”
- Eurozone unemployment rises to 11.1 percent in May, highest rate since euro was established, Associated Press, July 2, 2012, Washington Post: “Unemployment in the 17-country euro currency bloc hit another record in May as the crippling financial crisis pushed the continent toward the brink of recession, official figures showed Monday. Eurostat, the EU’s statistics office, said unemployment rose to 11.1 percent in May from 11 percent the previous month. May’s rate was the highest since the euro was launched in 1999 and adds further urgency to the eurozone countries’ plan to create economic growth and cut excessive government debt…”
Tag: Job losses
OECD 2012 U.S. Economic Survey
- OECD raises red flag on US long-term unemployment, By Lucia Mutikani, June 26, 2012, Reuters: “The lengthy spells many Americans are spending without work risk leaving a lasting scar of higher unemployment on the U.S. economy and training programs are needed to avert the damage, the OECD said on Tuesday. The warning from the Organization for Economic Cooperation and Development comes against the backdrop of stalled U.S. jobs growth and an uptick in the unemployment rate in May. In a report on the U.S. economy, the Paris-based OECD estimated the unemployment rate which the economy could sustain without generating inflation at 6. 1 percent, up from 5.7 percent in 2007. In May, the rate stood at 8.2 percent. “However, structural unemployment may well already have risen more than this estimate would suggest, and there is a risk that it could increase still further, given the still high levels of long-term unemployment,” the OECD said. Before the 2007-2009 recession, many economists believed the so-called natural or structural rate of unemployment was around 5 percent. . .”
- OECD Sees U.S. Economic Growth, Stark Challenges, By Michael R. Crittenden, June 26, 2012, NASDAQ: “The U.S economic recovery may be gaining momentum, but the country faces stagnant wage growth, high comparative levels of poverty and income inequality and an educational system that provides few resources to those more likely to need help, the Organization for Economic Cooperation and Development said in a new report. The OECD’s 2012 economic survey of the U.S. found that the U.S. economy has made some gains and is expected to grow moderately this year and next. A further deterioration of the European crisis or the potential for U.S. policymakers to allow for immediate sharp cuts in government spending could jeopardize the outlook, the report said. . .”
African-American Unemployment – New York City
Blacks Miss Out as Jobs Rebound in New York City, By Patrick McGeehan, June 20, 2012, New York Times: “For months now, New York officials have been highlighting how the city has regained all the jobs lost during the long recession and then some. But by several measures, the city’s recovery has left black New Yorkers behind. More than half of all of African-Americans and other non-Hispanic blacks in the city who were old enough to work had no job at all this year, according to an analysis of employment data compiled by the federal Labor Department. And when black New Yorkers lose their jobs, they spend a full year, on average, trying to find new jobs — far longer than New Yorkers of other races. . .”