Friday, August 7, 2009

Unemployment rises sharply across Europe

Figures released last week by the European Union’s statistical agency Eurostat show that unemployment continued to rise across Europe in June. The seasonally adjusted official unemployment level for the 27-member European Union (EU) rose to 8.9 percent, reflecting a 246,000 increase in the number of jobless people. The June figure was 2 percent higher than June of 2008 and meant that more than 21.5 million Europeans were without work last month.

The percentage of those without work in the Eurozone—the 16 nations that use the euro as their currency—was even higher, at 9.4 percent, representing an increase of 158,000 jobless people. Unemployment in the Eurozone stood at 7.5 per cent in June 2008.

Youth unemployment in the Eurozone is over double the figure for adult workers, and stands at 19.5 percent.

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