Higher rates of unemployment across the Eurozone

June 1, 2013

Unemployment rates across the Eurozone have increased for the 24th consecutive month up to another record high, Eurostat announced. Unemployment stood at 12.2% in April, up by 0.1 per cent from the previous month. An extra 95,000 unemployed people were registered, taking the total to 19.38 million. In the 12 months to April, 1.6 million people lost their jobs in the Eurozone.

Youth unemployment stood at 24.4% across the Eurozone with a total of 3.6 million people under the age of 25 currently unemployed. Greece and Spain have the highest unemployment rates, both above 25% while the lowest is in Austria at 4.9 per cent.

In France, Europe’s second largest economy, the number of jobless people rose to a new record high in April. Economists are foreseeing a deteriorating and troubling months for the French economy and its workers, with unemployment rates set to continue to increase until next year.

In Italy youth unemployment is prevailing as more than 40 per cent of youths are currently out of a job. Meanwhile the unemployment rate in the European Union remained unchanged at 11 per cent. Experts have stated that the Eurozone economy is expected to diminish by 0.6 per cent a far cry from the 1.5 per cent of economic growth expected to halt the increase in unemployment.