May 31, 2013
Unemployment has reached a new high in the euro zone, with nearly 20 million people out of work, while inflation remains well below the European Central Bank’s target.
Joblessness in the 17-nation currency area rose to 12.2 percent in April, Eurostat said on Friday, marking a new record since the EU’s statistics office started collecting data on the countries in 1995.
With the euro zone also in its longest ever recession since its creation in 1999, consumer price inflation was far below the ECB’s 2 percent target in May, although it ticked up to 1.4 percent from 1.2 percent in April.
That rise may quieten concerns about deflation, but the deepening unemployment crisis is a threat to the social fabric of the euro zone, with almost two-thirds of young Greeks unable to find work and southern Europe facing a ‘lost generation’.
This article was posted: Friday, May 31, 2013 at 11:16 am