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Wednesday, March 31, 2010

European Unemployment to 11 1/2 Year High

Business and Finance reports:

Euro zone inflation was much higher than expected in March and the unemployment
rate reached 10 percent in February, data showed on Wednesday, highlighting the fragility of economic recovery.

Inflation in the 16-country area was 1.5 percent year-on-year, the highest since December 2008, after 0.9 percent in February, the European Union's statistics office said.

The March figure was lower than the European Central Bank's target of just below 2.0 percent inflation. Analysts believe the bank will leave its interest rates unchanged until late 2010 or 2011.

The euro zone's 10 percent jobless rate in February was the highest since August 1998 and in line with market expectations. A month earlier unemployment was at 9.9 percent.

Source: Eurostat