Mood in eurozone improves
Source: Agencies |
January 9, 2013, Wednesday
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Print Edition
Print Edition
BUSINESS morale in the eurozone improved again in December, but unemployment hit a new record and households held back from spending before Christmas, suggesting the bloc's emergence from recession will be slow.
Economic sentiment in the 17 countries using the euro rose 1.3 points to 87 in the second consecutive month of gains after almost a year of declines, the European Commission's monthly business and consumer survey showed yesterday.
Optimism that the eurozone is beginning to recover from a deep banking and public debt crisis was tempered by data showing the jobless rate in November was at its highest level since the euro was introduced in 1999.
"A growing number of businesses are beginning to see light at the end of the tunnel, but consumers remain very gloomy," said Martin Van Vliet, an economist at ING in Amsterdam.
"Consumer spending is crucial to ensure a sustainable recovery," he said, forecasting a stagnant economy in 2013.
Unemployment climbed to 11.8 percent of the working population or 18.82 million people, and 113,000 more people were without a job than in October, the EU's statistics office Eurostat said, as companies cut staff.
Feeble demand was also evident in retail trade data that was released by Eurostat yesterday, showing a mere 0.1 percent rise in sales volumes in November from the previous month.
Economic sentiment in the 17 countries using the euro rose 1.3 points to 87 in the second consecutive month of gains after almost a year of declines, the European Commission's monthly business and consumer survey showed yesterday.
Optimism that the eurozone is beginning to recover from a deep banking and public debt crisis was tempered by data showing the jobless rate in November was at its highest level since the euro was introduced in 1999.
"A growing number of businesses are beginning to see light at the end of the tunnel, but consumers remain very gloomy," said Martin Van Vliet, an economist at ING in Amsterdam.
"Consumer spending is crucial to ensure a sustainable recovery," he said, forecasting a stagnant economy in 2013.
Unemployment climbed to 11.8 percent of the working population or 18.82 million people, and 113,000 more people were without a job than in October, the EU's statistics office Eurostat said, as companies cut staff.
Feeble demand was also evident in retail trade data that was released by Eurostat yesterday, showing a mere 0.1 percent rise in sales volumes in November from the previous month.
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