Euro Zone Unemployment Rises to a Record 11%

[Valin]

Yahoo News/New York Times:

 

DAVID JOLLY

6/1/12

 

PARIS — Ireland on Friday appeared headed toward adoption of the European Union’s fiscal compact, but stocks fell and the dollar rose by midday in Europe after data showed unemployment in the euro zone rising to a record.

 

The jobless rate in the 17-nation euro zone reached 11 percent in March and April, the highest since the start of the data in 1995, Eurostat, the European statistical agency said in Luxembourg. The previous record had been 10.9 percent in February, Eurostat said, after it revised March’s figure upward from the 10.9 percent initially estimated.

 

“We have an economy that’s freezing up, it’s clearly not creating jobs,” Peter Dixon, global equities economist at Commerzbank in London, said. “But right now policy makers’ main concern is to ensure that the peripheral countries’ governments and banks can stay afloat. Given that, the real economic data is taking a back seat.”

 

But before long, he said, unemployment “is going to be a major problem for those countries,” as it rises to the top of the political agenda and further complicates the financial problems.

 

(Snip)

 

 

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