Arab Today, arab today eurozone jobless rate stuck at record high
Last Updated : GMT 05:43:04
Arab Today, arab today
Arab Today, arab today

Eurozone jobless rate stuck at record high

Arab Today, arab today

Arab Today, arab today Eurozone jobless rate stuck at record high

Brussels - AFP

Eurozone unemployment continued at record highs in June and while a first fall in \"horrendous\" jobless numbers for more than two years offers some hope, officials and analysts were cautious on the outlook. \"The figures remain horrendously high,\" a European Commission official said, stressing the need to press ahead with economic reforms needed to boost employment. \"Let\'s be frank. There is no silver lining here ... the figures are pretty much the same as the previous month.\" The 17-nation eurozone jobless rate came in at 12.1 percent, unchanged from May, the Eurostat data agency said on Wednesday. The jobless numbers, however, were down 24,000 to 19.26 million. In the 27-member European Union, 10.9 percent of the workforce was out of a job, down from a revised 11 percent in May, it said, as the total unemployed fell 32,000 to 26.42 million. Analysts had been looking to the report to back up recent data which suggested the stuttering eurozone economy was on the point of escaping a deep and damaging recession which has cost millions of jobs. The damage done by the debt crisis and slump is clear in the figures -- in June 2012, the eurozone jobless rate was 11.4 percent, with the EU on 10.5 percent. The crisis has affected the 16-25 age segment worst of all, with jobless rates running at catastrophic levels of 58.7 percent in Greece and 56.1 percent in Spain. The data showed the eurozone youth unemployment rate rose to 23.9 percent in June from 23.8 percent in May, with the EU up to 23.2 percent after 23.1 percent. Compared with June 2012, Eurostat noted that youth jobless numbers in the EU had fallen by 43,000 to 5.51 million but in the eurozone, it had increased by the same amount to 3.52 million. Inflation meanwhile was flat in July at 1.6 percent, suggesting that there was little increase in demand to drive prices anywhere near the European Central Bank target of just below 2.0 percent in the medium term. Analysts found little comfort in the figures. Jonathan Loynes of Capital Economics said the two reports were \"a little sobering after the recent run of stronger activity data.\" If the June fall in eurozone jobless numbers was the first since April 2011 and the headline 12.1 percent rate was below forecasts for 12.2 percent, this \"reflected a downward revision to previous months\' data,\" Loynes said. The unemployment rate \"is still at a record high,\" he added, while huge differences -- Austria on 4.6 percent and Spain 26.3 percent -- \"are a powerful reminder of the still enormous economic imbalances\" at work in the bloc. Howard Archer of IHS Global Insight was slightly more positive. The fall in the jobless numbers \"is likely a reflection of recent increased signs ... activity has stabilised and it fuels hopes that the eurozone can eke out marginal growth over the second half,\" Archer said in a note. At the same time, \"we doubt that June marks a decisive turnaround ... and we suspect that unemployment will trend modestly higher over the coming month,\" he said. Christian Schulz of Berenberg Bank said the slight improvement in the jobless numbers might simply be seasonal, accounted for by a strong tourism season but \"may be the turning point yet.\" \"The worst of the mass lay-offs seem to be over,\" Schulz said, while economic reforms driven by the debt crisis could finally be paying off. Data on Tuesday had shown that European business and consumer confidence edged up again in July, extending gains since May while earlier the closely-watched Markit Purchasing Managers Index returned to positive territory for the first time for 18 months, signalling growth.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eurozone jobless rate stuck at record high Arab Today, arab today eurozone jobless rate stuck at record high

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eurozone jobless rate stuck at record high Arab Today, arab today eurozone jobless rate stuck at record high

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: قضايا ساخنة
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday