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Euro Area Unemployment Reaches 7.8 Per Cent And Worse To Come

Euro Area Unemployment Reaches 7.8 Per Cent And Worse To Come

Eurozone unemployment (November) and Q3 GDPUnemployment in the eurozone has risen sharply in November according to the latest labour market statistics published by Eurostat this morning. The seasonally adjusted unemployment rate rose to 7.8 per cent, up from 7.7 per cent in October. Similarly unemployment in the European Union reached 7.2 per cent, up from 7.1 per cent in October. The numbers for the individual euro area member states show that rising unemployment has become widespread as all economies reported an increase in unemployment. Worryingly, unemployment in Spain reached a staggering 13.4 per cent, following 12.8 per cent in October. However, even unemployment in Germany, which so far has bucked the trend, started edging up. While the unemployment rate in Europes biggest economy stayed at 7.1 per cent in November, the latest national statistics release for December shows a significant increase to 7.4 per cent in December. Additionally, the latest trade statistics suggest that there is worse to come as exports plummeted by an eye-watering 11.8 per cent in November which will translate into further job cuts for Germanys export dependent economy. Todays figures show that the eurozone economies are in the full grip of the recession as unemployment is rising in each of the member countries. With the labour market lagging behind the economy and the unemployment rate still considerably below the 9.0 per cent mark it reached in 2005 there is worse to come.

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