Europe Unemployment Rate Increases by Magdalena Rosova

Unemployment rate in the 16 countries using the euro currency hit a record of 10.1 percent in April, the highest rate ever since 1999 when the first countries started using the euro. Almost 16 million people from these countries are without work, which is 1.3 million more people than last year. Unemployment rate in the euro area was 9.2 percent in April 2009. Joblessness in EU 27 increased form last year 8.7 percent to 9.7 percent in this April which means that more than 23.3 million people from all 27 countries of European Union were unemployed in April. One year ago it was 2.4 million less. Germany is the only country from EU, which recorded fall in unemployment rate. Ov! er the year the rate fell from 7.6 to 7.1. Germany is the biggest economy in EU. For better comparison, in United states the unemployment rate in April was 9.9 percent and in Japan it was only 5.0 percent. The Netherlands is the country with the lowest jobless rate in Europe. Only 4.1 percent of Netherlanders are jobless. By contrast, Spain is sinking in debts and its unemployment rate is 19.7 percent. 40.3 percent of Spanish under age 25 are unemployed. Only Latvia fighting with the crisis has higher unemployment rate than Spain. The worst markets were Ireland, Spain Greece and most central and eastern European countries. Especially the Baltic States were hit very hard. The euro has also fell against the dollar. The decrease was caused by the concerns weather efforts of European countries to cut budget deficits will bring economic revival to Europe.

related story (sgx17449): http://www.economicpopulist.o! rg/conte nt/europe-unemployment-...

by Magdalena Rosova for Cantell TV (http://cantell.tv)

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