Europe’s Jobless Rate Unexpectedly Hits 11-Year High

Discussion in 'Economics' started by ASusilovic, Jan 8, 2010.

  1. Europe’s unemployment rate unexpectedly increased to the highest in more than 11 years in November as companies cut costs in the wake of the worst recession in more than six decades.

    Unemployment in the euro area rose to 10 percent from a revised 9.9 percent in October, the European Union statistics office in Luxembourg said today. That’s the highest since August 1998. Economists forecast a November rate of 9.9 percent after the 9.8 percent initially reported for October, a Bloomberg survey showed. The euro-area economy expanded 0.4 percent in the third quarter from the previous three months, according to a separate report.

  2. I searched and couldn't find anything. Do they calculate stats similar to the US BLS? Dumping all those kicked off the dole and giving up.
  3. Axel saw this report and began thinking immediately that he must remain vigilant on prices.
  4. 'Euro-zone unemployment hits 11-year high' Steve Goldstein & William L. Watts, MarketWatch
    "LONDON (MarketWatch) -- The pace of the rise in unemployment at 102,000, however, is
    well off the pace of around 500,000 seen at the height of the recession, said Jennifer McKeown
    European economist at Capital Economics.
    Over 15.7 million people were unemployed, and in the broader 27-nation European Union, there were 22.9 million people unemployed.
    Unemployment was a staggering 19.4% in Spain, which has been reeling from the burst of a house price bubble.
    Irish unemployment was 12.9%, French unemployment was 10%, Italian unemployment was 8.3% while German unemployment was 7.6%.
    [population of the EU was estimated at 499.8 million on Jan. 1, 2009]
    [earlier report] The Nuremberg-based Federal Labor Office said 3.421 million Germans were out of work in December, reflecting a seasonally adjusted decline of 3,000 from November. The seasonally adjusted December unemployment rate was unchanged from the previous month at 8.1%. That's due in part to "Kurzarbeit" -- the government's short working hours program. Subsidies allow workers to receive around 80% of their salary for working half time, according to ING. The program has been around for decades, and similar measures are in place in a number of European countries. But the length of time the subsidies are available was extended by the German government amid the downturn."
  5. Why would anyone have expected the bailouts or stimulus to have created any new jobs in Europe or the US in 2009? By the time the money makes it way through the federal/state/local bureaucrats and the Wallstreet middlemen, there is nothing left to create new jobs. I've stated the same thing in previous posts. It's not good that all of this money spent resulted in a net loss of ~5Million jobs in 2009, with the year closing with more jobs lost. Maybe 2010 will be better...
  6. Bob111