Eurozone unemployment climbs, signals slowdown

Thursday, September 1, 2011
By Paul Martin

Unemployment in the eurozone is rising as inflation holds steady, supporting fears that the region’s economy is in slowdown.

By Emma Rowley

The number of people out of work in the shared currency region increased by 61,000 in July on the previous month to 15.8m, according to the European Union’s statistics office Eurostat.
The latest rise means that in the past three months unemployment has risen by 149,000, the biggest three-monthly increase since May 2010.
The headline unemployment rate was 10pc, unchanged from June’s figure which was upwardly revised from the intitial 9.9pc rate reported. Spain recorded the worst unemployment level at 21.2pc, while Austria had the lowest figure at 3.7pc.

The youth unemployment rate, which tracks the fortunes of people under 25, is running at 20.5pc across the eurozone. Again, the rate is worst in Spain at 46.2pc – signalling almost half of the country’s young people are unemployed.
The figures add to worrying data on the eurozone’s economy, after the European Commission’s economic sentiment index (ESI) on Tuesday showed consumer and business confidence in the region fell for a sixth consecutive month in August.

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