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Eurozone Jobless Rate Hits New High in Oct

Politics » BULGARIA IN EU | November 30, 2012, Friday // 17:29| Views: 654 | Comments: 1
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Bulgaria: Eurozone Jobless Rate Hits New High in Oct The unemployment rate continued its steady rise, reaching 11.7% in October, up from 11.6% the month before and 10.4% a year ago. Photo by EPA/BGNES

The eurozone's unemployment rate hit a new record high in October, while consumer price rises slowed sharply.

The unemployment rate continued its steady rise, reaching 11.7% in October, up from 11.6% the month before and 10.4% a year ago.

Inflation fell from 2.5% to 2.2% in November.

A further 173,000 were out of work across the single currency area, bringing the total to 18.7 million.

The respective fortunes of northern and southern Europe diverged further. In Spain, the jobless rate rose to 26.2% from 25.8% the previous month, and in Italy it rose to 11.1% from 10.8%.

In contrast, unemployment in Germany held steady at 5.4% of the labour force, while in Austria it fell from 4.4% to just 4.3%.

"The real problem is that we have a two-speed Europe," economist Alberto Gallo of Royal Bank of Scotland told the BBC. "The biggest increase in unemployment is being driven by Italy and Spain.

"It is the same as you are seeing in financial markets," he explained. "The periphery [Spain and Italy] is the area where the banks are the least capitalised and need the most help, and the loan rates are the highest."

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#1
Jerry - 30 Nov 2012 // 20:33:41

We need a strong definition per country how to eliminate unemployment and increase training and innovation.

The EU concept concerning the ills of unemployment is a veil for the political system hide behind and seek handouts that raise many sovereign and nationalism issues.

We need each country articulate a policy and methods to integrate with the Emerging Economies, Mercosur,Nafta and Bric.

The Commercial Sections of the Bulgarian Embassies must articulate Projects, Programs and open markets.

Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria