Eurozone unemployment at record high

Unemployment in the eurozone hit a fresh high of 18.2 million in August, the EU statistics agency has announced.Eurozone unemployment at record highThe number out of work rose by 34,000, but after the July data was revised up, it meant the unemployment rate remained stable at a record high of 11.4%.

The highest unemployment rate was recorded in Spain, where 25.1% of the workforce is out of a job, and the lowest of 4.5% was recorded in Austria.

The unemployment rate in Germany was 5.5%, Eurostat said.

The European Commission recently warned of the existence of “a real social emergency crisis” due to the fall in household income and growing household poverty.

Youth unemployment remains a particular concern, with the rate among under-25s hitting 22.8% across the eurozone, and 52.9% in Spain.

The commission repeated its call to governments and businesses to act to try to avoid the “disaster” of “a lost generation”.

In Greece, the most recent figures recorded in June show that more than 50% of the young workforce has no job.

These two countries have by far the highest unemployment rate in the eurozone, as both governments look to cut spending and raise taxes to try and cut high debt levels.

August unemployment rates

  •     Spain: 25.1%
  •     Portugal: 15.9%
  •     Ireland: 15%
  •     Italy: 10.7%
  •     France: 10.6%
  •     Germany: 5.5%
  •     Eurozone: 11.4%
  •     US: 8.1%
  •     Japan: 4.1%
    Source: Eurostat

The eurozone as a whole is also struggling to generate the economic growth needed to stimulate employment. Its economy shrank by 0.2% between April and June, with Italy and Spain stuck in recession and France registering no growth for the past three quarters.

The number of people experiencing financial stress remains historically high, it said in its latest quarterly review of the jobs situation across the European Union.

Household incomes had declined dramatically in Greece, where disposable incomes had dropped by 15.7% between 2009 and 2011, the commission said. Households in Ireland were living on 9% less.

Child poverty was also becoming an issue for an increasing number of households, particularly in countries where child benefits are inadequate.

Almost a fifth of families are at risk of poverty in Spain, Greece, Italy and Portugal, the review said.

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October 23, 2012 · Home Based Jobs · Comments Closed
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