Record jobless rate in EU
Source: Agencies |
July 3, 2012, Tuesday
|
Print Edition
Print Edition
UNEMPLOYMENT in the 17-country eurozone hit another record in May as the crippling financial crisis pushed the continent toward the brink of recession, official figures showed yesterday.
Eurostat, the European Union's statistics office, said unemployment rose to 11.1 percent in May from 11 percent in April. May's rate was the highest since the euro was launched in 1999 and adds further urgency to the eurozone countries' plan to create economic growth and cut excessive government debt.
At a summit last Friday, eurozone leaders agreed to a limited economic growth package and measures to boost confidence in financial markets. Those include allowing Europe's bailout fund to rescue banks directly, without adding to government debt, and not requesting painful new austerity measures in return for sovereign bailouts.
Investors cheered the summit's outcome, triggering a stock market rally which, if sustained, should help buoy economic confidence in the eurozone - a key step to easing the crisis.
But the jobless data highlighted the extent of the challenge facing European leaders.
Eurostat, the European Union's statistics office, said unemployment rose to 11.1 percent in May from 11 percent in April. May's rate was the highest since the euro was launched in 1999 and adds further urgency to the eurozone countries' plan to create economic growth and cut excessive government debt.
At a summit last Friday, eurozone leaders agreed to a limited economic growth package and measures to boost confidence in financial markets. Those include allowing Europe's bailout fund to rescue banks directly, without adding to government debt, and not requesting painful new austerity measures in return for sovereign bailouts.
Investors cheered the summit's outcome, triggering a stock market rally which, if sustained, should help buoy economic confidence in the eurozone - a key step to easing the crisis.
But the jobless data highlighted the extent of the challenge facing European leaders.
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