Eurozone unemployment hits record high
03. May 2012. | 07:01
Source: MIA
Record high unemployment for the 17 countries that use the euro is set to increase the pressure on Europe's leaders to switch from a focus on austerity to a pro-growth strategy to stop the region from moving deeper into recession, AP reports.
Record high unemployment for the 17 countries that use the euro is set to increase the pressure on Europe's leaders to switch from a focus on austerity to a pro-growth strategy to stop the region from moving deeper into recession, AP reports.
Unemployment across the 17-member eurozone rose by 169,000 in March, official figures showed Wednesday, taking the rate up to 10.9 percent in March - its highest level since the euro was launched in 1999.
The rate was up from 10.8 percent in February and 9.9 percent a year ago, and reflects the downturn in the eurozone economy as governments pursue tough austerity measures to deal with their debts - nearly half the countries in the eurozone, including Spain and the Netherlands, are now officially in recession.
The seasonally adjusted figures from European statistics office Eurostat are likely to ratchet up the pressure on the region's policymakers to introduce more pro-growth measures alongside the spending cuts and tax increases they have already implemented in an attempt to fix their debt crisis.
Comments (0)
Enter text: