Published on Apr 4, 2013

In almost every town and city across Europe there are signs of the economic crisis. The combined effect of even small closures contributes to the overall impact. Many of those losing their jobs are well educated and have good work experience. We spoke to one such man as he left a Job Centre in Brussels. The statistics agency Eurostat says more than 19 million adults are now without a job in the Eurozone. Unemployment in the 17 Eurozone countries hit a record twelve percent in February. This shows that some 33-thousand people in the bloc have joined the ranks of the unemployed. Greece has the highest jobless rate at 26.4% with Spain being just marginally lower at 26.3%. Figures show that in Greece and Spain, half of young adults under the age of 25 are unemployed.

Jerome Hughes, PressTV, Brussels

 

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Eurozone unemployment hits all-time high: 19 million out of work

Published time: April 02, 2013 09:25
Edited time: April 03, 2013 07:30

People queue outside a government employment office in Burgos.(AFP Photo / Cesar Manso)

People queue outside a government employment office in Burgos.(AFP Photo / Cesar Manso)

Eurozone unemployment levels have hit 12 percent – the highest in the history of eurozone record-keeping, since the currency was launched in 1999.

The average unemployment rate across the eurozone’s 17 constituent European Union countries rose from January’s initial 11.9 percent high to 12 percent in February, meaning a further 33,000 people were put out of work. Overall, 19.071 million are jobless across Europe.

Some countries, including Spain and Greece suffered unemployment rates as high as 26 percent over the month of February.

Spain and Greece have both been shaken by violent protests, with Greece experiencing a massive increase in suicides and attempted suicides in 2010 and 2011.

Conversely, the lowest unemployment rates are still to be found in Luxembourg (5.5 percent), Germany (5.4 percent), Austria (4.8 percent) and the Netherlands (6.2 percent).

Youth unemployment (under-25s) has also soared, leaving 5.694 million out of work in the EU 27 (3.581 million of whom were in the euro area).

In Greece, the figure of unemployed under-25s borders on 60 percent, while in Spain, 55.7 percent of the nation’s youth are still out of work.

In January, unemployment in the eurozone had reached a previous record high of 11.8 percent, according to the original Eurostat report, meaning it is continuing to rise, fueling concerns over the region’s economic crisis.

Some economic experts had forecast the rise in unemployment, especially after the earlier January figure was later revised upwards, to verge on 12 percent.

As the statistics relate to February, they do not yet take the impact of Cyprus’ bailout into account.

A separate survey, also released on Tuesday, indicated that the eurozone recession continued in the first quarter.

 

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