Jobless Rate Climbs to 9.2% in European Union (EU)

June 2, 2009 by · Leave a Comment
Filed under: Global News 

The common theme I hear is the “less bad is good” theme.  It figures that because the economic statistics are not as bad as they were, that must mean good times are ahead.  I am not so sure about that, we could either be in a lull or maybe we will be here for quite some time while this global recession lags on making the recovery more protracted.  

In this article it is reported that Spain is at 18% unemployment, that is the formula for mass civil unrest.   The longer people do not have a job the more desperate they become or it forces the government to continue to provide for these people which also has side effects like running large deficits.  I am not sure where this is going but I do think the worst may still be ahead of us before we actually do get better.

News (NY Times):

The unemployment rate in the European Union pushed higher in April, the E.U. statistics office said Tuesday, indicating that nascent signs of economic recovery had yet to be felt in the Continent’s labor market.

The seasonally adjusted unemployment rate for the 16 countries in the euro area rose to 9.2 percent in April, the highest rate since September 1999, from 8.9 percent in March, according to the Eurostat agency. During the month a year earlier, the rate was 7.3 percent.

For all 27 members of the European Union, the unemployment rate was 8.6 percent in April, up from 8.4 percent in March and 6.8 percent in April 2008.

Although there has been some evidence in recent weeks that the economic decline that intensified in Europe in the second half of last year is beginning to ease, economists note that the labor market lags behind many economic indicators and that unemployment commonly rises after a downturn.

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