News / Europe

Eurozone Jobless Rate Hits New High

German police officers guard the Deutsche Bank building during a demonstration by anti-capitalism Blockupy protesters in front of the European Central Bank in Frankfurt, May 31, 2013.
German police officers guard the Deutsche Bank building during a demonstration by anti-capitalism Blockupy protesters in front of the European Central Bank in Frankfurt, May 31, 2013.
Selah Hennessy
— Unemployment in the eurozone has reached a new record high according to figures published Friday. Nearly 20 million people are out of work.

Nicola Massarelli is from Eurostat, the European Commission’s statistics office. He said, “The unemployment rates are the highest in this time series. Unemployment has been going up since the beginning of 2008 constantly until now.”

A time series is a sequence of data that shows how the value of a variable changes over time.

According to the figures published Friday, the eurozone’s overall jobless rate is now at 12.2 percent. In the 12 months up until April, 1.6 million people lost their jobs.

But the numbers show that there is great disparity across the 17-nation bloc.

In Germany, Europe’s largest economy, the unemployment rate is just over five percent. That is in major contrast to some of its eurozone neighbors. Massarelli:

“There are two countries where the unemployment rates are by far higher than in any other countries in the euro area," dsaid Massarelli. "These are Greece, where the rate is 27 percent, and Spain, where it is 26.8 percent.”

Youth have been the hardest hit. Excluding students, 24.4 percent of people under the age of 25 were out of work in April. Again, the numbers vary massively country by country. In Germany, the number is under eight percent. In Greece it’s soaring at more than 60 percent.

The Eurozone has been in recession for 18 months, its longest recession since the single-currency was launched in 1999. And earlier this week the Organization for Economic Co-operation and Development, or OECD, said it expects the eurozone economy to contract by 0.6 percent this year.

On Friday, around 1,000 protesters gathered outside the European Central Bank in Frankfurt demonstrating against what they say is the bank's role in enforcing harsh austerity measures across the eurozone - spending cuts and tax hikes aimed at tackling the eurozone’s ongoing debt crisis.

The European Central Bank, the European Commission and the International Monetary Fund have made austerity a key demand of international bailout packages - and protestors blame these policies for the ongoing recession and rising unemployment.

The anti-capitalist "Blockupy" movement has called for two days of action in protest.

Florian Dallmann, one of the protestors, said they are protesting against the European austerity policy, which is a disaster for the people in the countries affected. He said spending cuts in one European country impact all Europeans.

The ECB said it will remain operational despite the protests.

You May Like

Video On the Scene: In Gaza, Darkness Brings Dread and Death

Palestinians fear nighttime raids, many feel abandoned by outside world, VOA's Scott Bobb reports More

African Small Farmers Could Be Key to Ending Food Insecurity

Experts say providing access to microloans, crop insurance, better storage facilities, irrigation, road systems and market information could enable greater production More

University of Michigan Wins Solar Car Race

Squad guided its student-designed solar-powered vehicle to fifth consecutive time victory in eight-day bi-annual American Solar Challenge More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Vietnamese Staging Chinese Product Boycott After Oil Rig Spati
X
Reasey Poch
July 28, 2014 7:18 PM
China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video ESA Spacecraft to Land on a Comet

After a long flight through deep space, a European Space Agency probe is finally approaching its target -- a comet millions of kilometers away from earth. Scientists say the mission may lead to some startling discoveries about the origins of the water on earth. VOA’s George Putic has more.
Video

Video Young Africans Arrive in US for Leadership Program

President Barack Obama's Young African Leadership Initiative has brought hundreds of young Africans to the United States for a six-week program aimed at building their knowledge and skills in fields such as public administration and business. Out of the 50,000 young Africans who applied for the program, just one percent was accepted. VOA's Laurel Bowman caught up with some of those who made the cut and has this report.
Video

Video In Honduras, Amnesty Rumors Fuel US Migration Surges

False rumors in Central America are fueling the current surge of undocumented young people being apprehended at the U.S. border. The inaccurate claims suggest the U.S. will give amnesty to young migrants from the region. As VOA's Brian Padden reports from Honduras, these rumors trace back to President Obama's 2012 executive order to halt deportations for some young undocumented immigrants already living in the United States.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.

AppleAndroid