Eurozone Unemployment Record High

The unemployment rate in the eurozone rose to 10.9 percent, the highest it has been since the euro was created in 1999. This figure comes as spending cuts continue to hit the working class. In the eurozone, 17.4 million are now seeking work, 3 million of which are under age 25.

For the whole of the European Union and countries such as the U.K. and Denmark, the jobless rate is 10.2 percent. Spain has the worst figure, where the unemployment rate had risen for the eighth month in a row in March to a record high of 24.4 percent. Greece is next at 21.7 percent, and in both countries, 51 percent of adults under 25 are reported to be jobless.

These figures come amid the raging austerity debate in Europe that was at the center of the May elections in France and Greece and have many questioning whether austerity has been implemented at the expense of economic growth.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s