Eurozone hit by rise in numbers out of work
Source: Agencies |
April 3, 2012, Tuesday
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Print Edition
Print Edition
UNEMPLOYMENT in the 17 countries that use the euro hit its highest level since the currency was introduced in 1999, official figures showed yesterday, adding to fears that the region is back in recession.
Eurostat, the European Union's statistics office, said unemployment in the eurozone rose to 10.8 percent in February from 10.7 percent the previous month. The number of unemployed totaled 17.1 million, nearly 1.5 million higher than the same month a year ago.
The figures stand in marked contrast to the United States, which has recorded solid increases in employment over the past few months.
The eighth straight month of rising unemployment will likely reinforce concerns that the eurozone is in recession just as many countries pursue austerity measures to get a handle on their crippling debt.
Spain, whose government announced another raft of austerity measures last Friday, had the highest unemployment rate in the eurozone of 23.6 percent, with youth unemployment - those under 25 - standing at 50.5 percent. The lowest rate was Austria's 4.2 percent.
With unemployment rising at a time of austerity, consumers have been reluctant to spend and that's been holding the eurozone economy back despite signs of life elsewhere, notably in the US and emerging markets.
"Soaring unemployment is clearly adding to the pressure on household incomes from aggressive fiscal tightening in the region's periphery," said Jennifer McKeown, senior European economist at Capital Economics.
She said the situation was likely to get worse and even in Germany, where unemployment held at 5.7 percent, "measures of hiring point to a downturn to come."
Eurostat, the European Union's statistics office, said unemployment in the eurozone rose to 10.8 percent in February from 10.7 percent the previous month. The number of unemployed totaled 17.1 million, nearly 1.5 million higher than the same month a year ago.
The figures stand in marked contrast to the United States, which has recorded solid increases in employment over the past few months.
The eighth straight month of rising unemployment will likely reinforce concerns that the eurozone is in recession just as many countries pursue austerity measures to get a handle on their crippling debt.
Spain, whose government announced another raft of austerity measures last Friday, had the highest unemployment rate in the eurozone of 23.6 percent, with youth unemployment - those under 25 - standing at 50.5 percent. The lowest rate was Austria's 4.2 percent.
With unemployment rising at a time of austerity, consumers have been reluctant to spend and that's been holding the eurozone economy back despite signs of life elsewhere, notably in the US and emerging markets.
"Soaring unemployment is clearly adding to the pressure on household incomes from aggressive fiscal tightening in the region's periphery," said Jennifer McKeown, senior European economist at Capital Economics.
She said the situation was likely to get worse and even in Germany, where unemployment held at 5.7 percent, "measures of hiring point to a downturn to come."
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