Thursday, September 1, 2011

Eurozone unemployment hits 10 percent

About 15.8 million people are unemployed in euro zone countries

Source: Press TV

Unemployment rate in the eurozone has climbed to 10 percent, supporting fears that the region's economy is in slowdown as it rises for the third consecutive month.

The number of jobless people in the eurozone region raised by 61,000 in July, bringing the total unemployment rate to 149,000 over the past 3 month, which is the highest number since May 2010.

The increase has pushed the total number of out of work in the eurozone to about 15.8 million.

Spain recorded the worst unemployment level, standing at 21.2 percent, among the eurozone countries, according to the European Union's statistics office Eurostat, dpa reported.

The youth unemployment rate, which tracks jobless people under 25 is running at 20.5 percent across the eurozone, again with Spain having the worst rate of 46.2 percent.

Unemployment reached 12.3 percent in Portugal, while the jobless rate stood at 14.5 percent in Ireland. At this time Austria had Europe's lowest jobless rate, which has slipped from 3.9 percent in June to 3.7 percent in July.

The unemployment rate remaining well above the eurozone average in states that were struggling with debt crisis indicates the economic divergence across shared currency region.

Europe has been vexed by financial crisis as the 17-nation eurozone has been plunging into the abyss brought on by fissures between strong economies such as Germany, and weaker ones such as Greece, Ireland and Portugal, which risk being engulfed by unprecedented levels of government debt.

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