Wednesday, May 2, 2012
In Euro zone unemployment reaches record highs
The figures are for March. Spain and Italy showed significant increases even though in both countries employment was already high. The increase is probably caused by autserity measures that cut state workers, wages, and pensions and thus weakening demand.
The average rate applies to the 17 countries that use the Euro currency. In February the rate was 10.8 per cent already high. The 27 member European Union had a somewhat lower rate of 10.2 per cent. However this represents close to 25 million people out of work.
Some countries are back in recession including Spain with an unemployment level of 24.1 per cent the worst in the zone. Other countries which saw rising unemployment were Cyprus, Italy, Netherlands, and Portugal. Unemployment actually fell in Austria Ireland, Slovakia and Slovenia. For more see this BNN article.