Tuesday, December 1, 2009

European Unemployment Remains at 11 Year High

NY Times details:

Euro zone unemployment remained stable at an 11-year high in October but September jobless numbers were higher than previously reported, showing the labour market has yet to feel the effects of nascent economic recovery.

Unemployment in the 16-country area totalled 9.8 percent of the workforce, unchanged from September's upwardly revised reading, the European Union statistics agency said.

"In addition to the euro zone's return to growth in the third quarter and improved business confidence, the rise in unemployment is currently being limited to some extent by government jobs support ... most notably in Germany," said Howard Archer, economist at IHS Global Insight.

It was still the highest unemployment rate since the 9.9 percent registered in October 1998, Eurostat said.

Economists polled by Reuters had on average expected a 9.8 percent rate in October against 9.7 percent for September.

A total of 15.567 million people were unemployed in the euro area in October, up by 134,000 against September.

In the whole European Union of 27 member states, the unemployment rate rose to 9.3 percent from 9.2 percent in September. This meant 22.510 million people were out of a job, 258,000 more than in September.

Source: Eurostat


  1. So it looks like the unemployment problem is almost the same on the other side of the pond. Interestingly, there's one thing we both share that more people would do well to tap into and that is online. I don't mean with entertainment but learning skills that would make up for some of the income.


  2. the spam on this sight has been UNREAL (been deleting it all), but at least he read the post so we'll keep it.