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Sunday, June 2, 2013

Eurozone unemployment hit record high in April

The Punch - Nigeria's Most Widely Read Newspaper
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Eurozone unemployment hit record high in April
Jun 2nd 2013, 23:00

Unemployment in the eurozone has reached another record high, according to official figures.

The British Broadcasting Corporation reports that the seasonally-adjusted rate for April was 12.2 per cent, up from 12.1 per cent the month before.

An extra 95,000 people were out of work in the 17 countries that use the euro, taking the total to 19.38 million.

Both Greece and Spain have jobless rates above 25 per cent. The lowest unemployment rate is in Austria at 4.9 per cent.

The European Commission's statistics office, Eurostat, said Germany had an unemployment rate of 5.4 per cent while Luxembourg's was 5.6 per cent.

The highest jobless rates are in Greece (27.0 per cent in February 2013), Spain (26.8 per cent) and Portugal (17.8 per cent).

In France, Europe's second largest economy, the number of jobless people rose to a new record high in April.

"We do not see a stabilisation in unemployment before the middle of next year," said Frederik Ducrozet, an economist at Credit Agricole in Paris. "The picture in France is still deteriorating."

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