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Friday, May 31, 2013

Eurozone unemployment reaches new record



The seasonally-adjusted rate for April was 12.2%, up from 12.1% the month before.

An extra 95,000 people were out of work in the 17 countries that use the euro, taking the total to 19.38 million.

Both Greece and Spain have jobless rates above 25%. The lowest unemployment rate is in Austria at 4.9%.

The European Commission's statistics office, Eurostat, said Germany had an unemployment rate of 5.4% while Luxembourg's was 5.6%.

The highest jobless rates are in Greece (27.0% in February 2013), Spain (26.8%) and Portugal (17.8%).

In France, Europe's second largest economy, the number of jobless people rose to a new record high in April.

"We do not see a stabilisation in unemployment before the middle of next year," said Frederik Ducrozet, an economist at Credit Agricole in Paris. "The picture in France is still deteriorating."


Graphic


'Social crisis'

Youth unemployment remains a particular concern. In April, 3.6 million people under the age of 25 were out of work in the eurozone, which translated to an unemployment rate of 24.4%.

Figures from the Italian government showed 40.5% of young people in Italy are unemployed.

"We have to deal with the social crisis, which is expressed particularly in spreading youth unemployment, and place it at the centre of political action," said Italy's President Giorgio Napolitano.

In the 12 months to April, 1.6 million people lost their jobs in the eurozone.
BBC

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