(Image Source: BBC)

BY JOHN O’CONNOR

MEGAN MURPHY

New figures released Friday morning show unemployment in the Eurozone has reached new record highs. Sky News has the details.

“Official figures out this morning show 11.7 percent of workers are out of a job across the area. This brings the total to almost 19 million.”

The Wall Street Journal explains“The figures underscore the weakness in the euro-zone economy, which is making it harder for governments to extricate themselves from the debt crisis because falling tax revenue and rising welfare payments are pushing up public borrowing.” 

The Guardian notes young people in the eurozone have been hit particularly hard as youth unemployment in Europe has risen to almost 24 percent.

“There are now 3.6 million people under the age of 25 out of work in the region. Spain was among the worst hit, with 56% of its young people out of work. Only Greece fared worse, with slightly older data showing 57% of young people were out of work in August.” 

A writer for the Telegraph explains the new data puts added pressure on the European Central Bank to further ease monetary policy as the European “north-south divide” widens.

“The north-south divide in Europe … remains clear … Austria has an unemployment rate of just 4.3pc, Germany 5.4pc and the Netherlands 5.5pc. Meanwhile, troubled Greece has a rapidly rising rate of 25.4pc and in Spain 26.2pc of people are out of work.” 

One economics expert tells the BBC the problem is that the north-south gap in unemployment levels is mirrored in those countries’ financial markets.

“So what you need to do is really fix the banking system there so the companies can start to borrow, invest, and hire again.”  

The Financial Times says the European Central Bank will have its work cut out for it as it’s due for its regularly scheduled meeting to set interest rates next week.  

Eurozone Unemployment Hits Record High

by John O'Connor
0
Transcript
Nov 30, 2012

Eurozone Unemployment Hits Record High

 

(Image Source: BBC)

BY JOHN O’CONNOR

MEGAN MURPHY

New figures released Friday morning show unemployment in the Eurozone has reached new record highs. Sky News has the details.

“Official figures out this morning show 11.7 percent of workers are out of a job across the area. This brings the total to almost 19 million.”

The Wall Street Journal explains“The figures underscore the weakness in the euro-zone economy, which is making it harder for governments to extricate themselves from the debt crisis because falling tax revenue and rising welfare payments are pushing up public borrowing.” 

The Guardian notes young people in the eurozone have been hit particularly hard as youth unemployment in Europe has risen to almost 24 percent.

“There are now 3.6 million people under the age of 25 out of work in the region. Spain was among the worst hit, with 56% of its young people out of work. Only Greece fared worse, with slightly older data showing 57% of young people were out of work in August.” 

A writer for the Telegraph explains the new data puts added pressure on the European Central Bank to further ease monetary policy as the European “north-south divide” widens.

“The north-south divide in Europe … remains clear … Austria has an unemployment rate of just 4.3pc, Germany 5.4pc and the Netherlands 5.5pc. Meanwhile, troubled Greece has a rapidly rising rate of 25.4pc and in Spain 26.2pc of people are out of work.” 

One economics expert tells the BBC the problem is that the north-south gap in unemployment levels is mirrored in those countries’ financial markets.

“So what you need to do is really fix the banking system there so the companies can start to borrow, invest, and hire again.”  

The Financial Times says the European Central Bank will have its work cut out for it as it’s due for its regularly scheduled meeting to set interest rates next week.  

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