Eurozone unemployment rate hits 10%

[demoleft]

Source: bbc

Unemployment in the 16 countries that use the euro hit 10% in December for the first time since the single currency was introduced in 1999.
...
Some 15.8 million people are now out of work in the eurozone, according to Eurostat.

Across all 27 countries that make up the EU, there are now 23 million people unemployed.
...
Spain continues to have the highest rate in the eurozone - rising to 19.5% in December, up from 19.4% in November.

Read more: http://news.bbc.co.uk/2/hi/business/8486768.stm

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in italy a temporary job (1 to 3 to 6 months) is considered employment, so it never joins the figures of the statistic calculation.
in spain like in italy thousands work without contract (and so without welfare contributions on the part of the employers), so these social "ghosts" again are moved out of official statistics.

[geckosfeet]

1. Well you know, umemployment is a lagging indicator.

According to Eurostat, a total of 87,000 jobs were lost across the eurozone during December. That was the lowest increase since May 2008.

Responding to the figures, Howard Archer from IHS Global Insight says eurozone unemployment will increase further in the coming year.

"Although the rise in eurozone unemployment has slowed in recent months, it still seems poised to trend higher during much, if not all, of 2010," he said.

Q. Who benefits from high unemployment?
A. Businesses who can select from large pools of over-qualified applicants desperate to work for peanuts.

Granted, my own cynical perspective, but a valid one.

[Lorien]

2. They rarely seem to consider the fact that high unemployment also means

far lower profits. It's like the GOP fixation on slashing taxes (which only helps the employed) instead of spending on programs that generate jobs and revenue.

[glowing]

3. Exactly.. Its like food stamps being the biggest thing the govt can do to generate

positive economic growth... By easing the burden on a family to provide food, revenue is available for other items... You'd think they'd increase food programs by insane amts... Tax reduction doesn't lead to as much economic growth. Most people who are still working forgot that they got a decrease in taxes from their pay check because most people have had their hours reduced.... losing $50.00- 100.00 each pay period is a bigger chunk than the extra $10.00 the govt kicked in.

[golfguru]

4. Eurozone will lead the world into next recession

They can't compete with China