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Rise in eurozone’s unemployment rate

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Rise in eurozone’s unemployment rate

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Brussels, Belgium – The eurozone’s unemployment rate hit 10.1 per cent in October as jobless rates rose in Italy, inched down in France and Germany, and remained stable in Spain.
The rate was the highest since July 1998, said EU agency Eurostat.
The number of people without a job rose by 80 000 in October to 15.95 million people, and by 84 000 people to 23.15 million in the 27-state European Union.
Separate figures showed that inflation in the 16-nation eurozone remained unchanged at 1.9 per cent in November.
In the medium term, the European Central Bank wants to keep inflation below, but close to, two per cent.
With inflation close to this target figure, analysts expect the bank to keep its main interest rate at one per cent.
“The ECB is likely to be quite pleased to see eurozone consumer price inflation stabilising at 1.9 per cent   in November,” said economist Howard Archer at Global Insight.
“Although this is the highest level for two years, it is bang in line with the ECB’s target level and there continues to be little evidence of any significant pick up in underlying price pressures.”
The rise in the eurozone unemployment rate was mainly due to an increase in the jobless rate in Italy, the bloc’s third-biggest economy, to 8.6 per cent  from 8.3 per cent.
The second biggest economy, France, saw its jobless rate edge down to 9.8 per cent from 9.9 per cent.
Spain’s unemployment rate, where the global economic crisis has taken a big toll on jobs, remained unchanged at 20.7 per cent.
Earlier, Germany had published separate figures showing its unemployment data for November.
It said the jobless total had fallen by 14 000 to 2.931 million, from 2.945 million in October – which was the first time the total had been below three million for two years.
Germany suffered its worst post-war recession in 2009, with output contracting almost five per cent.
However, Europe’s biggest economy has seen a strong recovery this year thanks to strong demand for its exports.

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