News / Europe

Eurozone Jobless Rate Hits Record

A man rides his bicycle past graffiti that says '50,000 million for rescuing banks and five million unemployed' in Burgos, central Spain, June 28, 2012.
A man rides his bicycle past graffiti that says '50,000 million for rescuing banks and five million unemployed' in Burgos, central Spain, June 28, 2012.
VOA News
Twin reports are showing new economic weakness in the 17-nation euro currency bloc, with the jobless rate reaching a record level and manufacturing activity unchanged at a three-year low.

The European Union said Monday the eurozone's unemployment rate edged up in May to 11.1 percent, the highest rate since the euro was launched in 1999. More than 17 million workers are unemployed, up nearly two million compared to a year ago.

Nnearly one of every four workers are unemployed, and more than half the country's young people jobless.

Meanwhile, a key survey by the research firm Markit Economics showed that manufacturing in the eurozone in June remained well below the level that indicates production growth - and at the lowest point since June 2009.

Markit economist Rob Dobson said that as manufacturing has weakened, the labor market has fallen as well.

"The employment numbers - we're also starting to see them come down as well, including in Germany," he said. "Indeed, all countries within that survey reported a decline in employment apart from Ireland. So what we're seeing is weakness in the output coming through into the labor market, which is going to be a bad thing for the economy heading forward."

For months, the eurozone economy has been stagnant, with austerity measures imposed by governments seeking to rein in their deficit spending curtailing growth. In a new tack to spur the region's economy, European leaders last week agreed to a $150 billion package to promote development. They also adopted policies to ease the borrowing costs for Italy and Spain.

Some analysts are predicting that the European Central Bank, in a further attempt to improve the eurozone economy, will cut its key lending rate later this week by a quarter of a percentage point - from 1 percent to three-quarters of a percent.

Meanwhile, central bank official Joerg Asmussen said in Athens that Greek officials need to concentrate their efforts on adhering to the austerity measures they already agreed to, rather than trying to ease the terms of their $168 billion international bailout, the country's second in two years.  

"So my point is this: the new government should not lose precious time looking to avoid or loosen the program. It should instead focus on how to maximize the effectiveness of reforms," he said.

Some information for this report was provided by AP, AFP and Reuters.

You May Like

US Imposes Sanctions on Alleged Honduran Drug Gang

Treasury department alleges Los Valles group is responsible for smuggling tens of thousands of kilograms of cocaine into US each month More

At 91, Marvel Creator Stan Lee Continues to Expand his Universe

Company's chief emeritus hopes to interest new generation of children in superheroes of all shapes and sizes by publishing content across multiple media platforms More

Photogallery New Drug Protects Against Virus in Ebola Family

Study by researchers at University of Texas Medical Branch, Tekmira Pharmaceuticals is first looking at drug's effectiveness after onset of symptoms More

This forum has been closed.
Comment Sorting
Comments
     
by: Hoang
July 02, 2012 7:29 PM
It's a cycle of Capitalism! Socialism is unreal. No way for human develop? :(

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
African Media Tries to Educate Public About Ebolai
X
George Putic
August 20, 2014 8:57 PM
While the Ebola epidemic continues to claim lives in West Africa, information technology specialists, together with radio and TV reporters, are battling misinformation and prejudice about the disease - using social media to educate the public about the deadly virus. VOA’s George Putic has more.
Video

Video African Media Tries to Educate Public About Ebola

While the Ebola epidemic continues to claim lives in West Africa, information technology specialists, together with radio and TV reporters, are battling misinformation and prejudice about the disease - using social media to educate the public about the deadly virus. VOA’s George Putic has more.
Video

Video Ferguson Calls for Justice as Anger, Violence Grips Community

Violence, anger and frustration continue to grip the small St. Louis suburb of Ferguson, Missouri. Protests broke out after a white police officer fatally shot an unarmed black teenager on August 9. The case has sparked outrage around the nation and prompted the White House to send U.S. Attorney Eric Holder to the small community of just over 20,000 people. VOA’s Mary Alice Salinas has more from Ferguson.
Video

Video Beheading Of US Journalist Breeds Outrage

U.S. and British authorities have launched an investigation into an Islamic State video showing the beheading of kidnapped American journalist James Foley by a militant with a British accent. The extremist group, which posted the video on the Internet Tuesday, said the murder was revenge for U.S. airstrikes on militant positions in Iraq - and has threatened to execute another American journalist it is holding. Henry Ridgwell has more from London.
Video

Video Family Robots - The Next Big Thing?

Robots that can help us with daily chores like cooking and cleaning are a long way off, but automatons that serve as family companions may be much closer. Researchers in the United States, France, Japan and other countries are racing to build robots that can entertain and perform some simpler tasks for us. VOA’s George Putic reports.
Video

Video In Ukraine, Fear and Distrust Remain Where Fighting has Stopped

As the Ukrainian military reclaims control of eastern cities from pro-Russian separatists, residents are getting a chance to rebuild their lives. VOA's Gabe Joselow reports from the town of Kramatorsk in Donetsk province, where a sense of fear is still in the air, and distrust of the government in Kyiv still runs deep.
Video

Video Five Patients Given Experimental Ebola Drug Said to Be Improving

The World Health Organization has approved the use of experimental treatments for Ebola patients in West Africa. The Ebola outbreak there is unprecedented, the disease deadly. The number of people who have died from Ebola has surpassed 1,200. VOA's Carol Pearson reports on the ethical considerations of allowing experimental drugs to be used.
Video

Video China Targets Overseas Assets of Corrupt Officials

As China presses forward with its anti-graft effort, authorities are targeting corrupt officials who have sent family members and assets overseas. The efforts have stirred up a debate at home on exactly how many officials take that route and how likely it is they will be caught. Rebecca Valli has this report.
Video

Video Leading The Fight Against Islamic State, Kurds Question Iraqi Future

Western countries including the United States have begun arming the Kurdish Peshmerga forces in northern Iraq to aid their battle against extremist Sunni militants from the Islamic State. But there are concerns that a heavily-armed Kurdistan Regional Government, or KRG, might seek to declare independence and cause the break-up of the Iraqi state. As Henry Ridgwell reports from London, the KRG says it will only seek greater autonomy from Baghdad.
Video

Video In Rural Kenya, Pressure Builds Against Female Circumcision

In some Kenyan communities, female genital mutilation remains a rite of passage. But activists are pushing back, with education for girls and with threats of punishment those who perform the circumcision. Mohammed Yusuf looks at the practice in the rural eastern community of Tharaka-Nithi.

AppleAndroid