Euro-Area Unemployment Reaches Record 11%

unemployment (Photo credit: Sean MacEntee)

Euro-area stagnation reached the highest on record as a deepening mercantile stagnation and bill cuts prompted companies from Spain to Italy to cut jobs. The jobless rate in a 17-nation euro section was during 11 percent in Apr and March, a European Union’s statistics office in Luxembourg pronounced today. That’s a top given the data array started in 1995 and in line with a median forecast of 28 economists in a Bloomberg survey. The Mar figure was revised adult to 11 percent from 10.9 percent.


Europe’s companies are underneath vigour to reduce costs to protect gain as a worsening mercantile predicament erodes exports and consumer spending. Euro-area mercantile certainty dropped more than economists foresee final month and Deutsche Lufthansa AG (LHA) pronounced on May 30 that it might cut as many as 1,000 jobs during LSG Sky Chefs, a world’s largest inflight caterer, in a bid to lower costs by 2014..... Continue to read.

Related articles

• Greek Democratic Left Demands Euro Pledge to Back Syriza - Bloomberg (bloomberg.com)
• Call it a depression (economist.com)
• Credit Suisse: 5 Big Problems That Need Fixing In Europe (businessinsider.com)