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Eurozone Crisis: Unemployment rate at record high

in International Business

Eurozone Crisis: Unemployment rate at record high

People queue outside an unemployment office in Madrid

Eurostat reported on Tuesday that the Eurozone unemployment is at a record high of 11.2%, leaving 17.8 million people out of work. This makes it the highest since the euro was formed in 1999.

The increase, being the 14th in a row, means 2.25 million people have lost their jobs since April 2011.

Spain has the highest unemployment rate across the Eurozone, at 24.8%, placing them at the forefront of the debt crisis concerns. Many other countries that use the euro have also got double-digit unemployment rates, including Italy and France.

Despite analysts’ forecasting that Germany too, will see a rise in unemployment figures, Eurostat has reported that the unemployment in Europe’s largest economy has fallen from 5.5% in May to 5.4% in June.

Hopes were raised last week that Europe will utilise new measures to handle the crisis, with European Central Bank (ECB) president, Mario Draghi saying the bank “is ready to do what it takes to preserve the euro – believe me, it will be enough”.

Speculation has risen from those comments, that European authorities will take action to lower Spain and Italy’s borrowing costs.

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