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Eurozone Unemployment at Record High

 
 
 
 
 
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Insolvency is threatening heavily debt-ridden countries such as Greece, Portugal, Italy, Ireland and Spain.

Official figures show the rate of unemployment in the eurozone reached an all-time high of 10.3 percent in November 2011.

According to the Eurostat statistics agency, by November more than 16.3 million people were unemployed in the 17 nations that use the euro as their currency.

Eurostat figures indicate that the number of the unemployed rose by more than 587,000 people in November 2011 compared to the same period in 2010.

Among EU member countries, Spain had the highest unemployment rate at 22.9 percent, following by Greece with a rate of 18.8 percent.

Eurostat also reported that eurozone retail sales saw a 2.5 percent decline in November 2011 compared to the same month the previous year.

The European Commission reported that the index of consumer confidence saw a two-year low rate in December.

Europe plunged into deep financial crisis in 2008. The financial crisis in the eurozone has continued to intensify in recent months.

Insolvency now threatens heavily debt-ridden countries such as Greece, Portugal, Italy, Ireland and Spain.

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  • JanB

    One of the differences between the EU and the US is that there still is no reason to suspect fraud regarding unemployment data from individual EU countries, whereas US economic data in general is wrought with fraud. About half a year ago unemployment in the US was estimated at 22% and there hasn’t been a change other than for propaganda purposes, like propping up the greenback for cheaper oil.
    http://www.dailyfinance.com/2010/07/16/what-is-the-real-unemployment-rate/

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