iBankCoin
Joined Nov 11, 2007
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Euro Zone Unemployment Hits Record Highs

“LONDON (AP) — Unemployment across the 17 European Union countries that use the euro hit another all-time high in May after the previous months’ figures were revised down, official data showed Monday.

Eurostat, the EU’s statistics office, said the eurozone’s unemployment rate rose 0.1 percentage point in May to the new all-time high of 12.1 percent. That’s a new record for the region following the revisions as April’s original 12.2 percent estimate was amended to 12.0 percent.

The figures will make sobering reading for the region’s politicians as they gather in Berlin this week to tackle the problem of youth unemployment — nearly one in four people aged under-25 in the eurozone are out of work.

Across the eurozone, there were 19.22 million people unemployed, 67,000 higher than the previous month — a closer look at the figures show that Italy was largely behind the increase….”

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