A Closer Look

Euro-Area Unemployment Rate at a Record 11.2% for Two Months in a Row

The euro area (EA17) seasonally-adjusted unemployment rate was 11.2% in June 2012, stable compared with May. It was 10.0% in June 2011. The EU27 unemployment rate was 10.4% in June 2012, also stable compared with May. It was 9.5% in June 2011.

Eurostat estimates that 25.112 million men and women in the EU27, of whom 17.801 million were in the euro area, were unemployed in June 2012. Compared with May 2012, the number of persons unemployed increased by 127 000 in the EU27 and by 123 000 in the euro area. Compared with June 2011, unemployment rose by 2.165
million in the EU27 and by 2.024 million in the euro area.

These figures are published by Eurostat, the statistical office of the European Union

Source: Eurostat

Source: Eurostat

 

via : June 2012 Euro area unemployment rate at 11.2% EU27 at 10.4%

Euro-Area Unemployment Rate Reaches Record 11.2%

The jobless rate in the euro area reached the highest on record as the festering debt crisis and deepening economic slump prompted companies to cut jobs.

Unemployment in the economy of the 17 nations using the euro reached a revised 11.2 percent in May and held at that level in June, the European Union’s statistics office in Luxembourg said today. That’s the highest since the data series started in 1995. In Germany, unemployment climbed for a fourth straight month in July, a separate report showed.

Policy makers are weighing options to counter the turmoil that has forced five euro-area nations to seek external aid, eroded investor confidence and pushed companies to trim their workforces. European Central Bank President Mario Draghi, who met with U.S. Treasury Secretary Timothy Geithner yesterday in Frankfurt, has pledged to do everything to preserve the euro.

“Companies generally are under serious pressure to keep their labor forces as tight as possible to contain their costs in the face of the current limited demand, strong competition and worrying and uncertain growth outlook,” said Howard Archer, chief European economist at IHS Global Insight in London. “There looks to be a very real danger that the euro-zone unemployment rate could reach 12 percent in 2013.”…

via Euro-Area Unemployment Rate Reaches Record 11.2%: Economy – Bloomberg.

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