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Business

Eurozone unemployment jumps to a record 10 percent

Text by News Wires

Latest update : 2010-03-31

In February, the eurozone saw its unemployment rate hit a record 10 percent, mainly due to Europe's painful recovery from recession. February's figures showed an increase of 61,000 people on the jobless lists throughout the eurozone.

AFP - Unemployment in the 16-nation eurozone hit a record 10 percent in February, official figures showed Wednesday, underlining that Europe's painful recovery from recession is failing to create jobs.

February's figures showed an increase of 61,000 people on the jobless lists throughout the eurozone, tipping the unemployment rate into double figures, from 9.9 percent in January, for the first time since the currency came into being in 1999.

For the 27-nation European Union as a whole, the jobless rate in February stood at 9.6 percent in March, slightly up from 9.5 percent the previous month, the EU's official Eurostat statistics agency reported.

There were massive national differences, with 19 percent unemployment in Spain and 21.7 percent in Latvia.

The jobless queues were far shorter in the Netherlands, where the rate was 4.0 percent and Austria where it stood at 5.0 percent.

The jobless economic recovery is starkly outlined by the eurozone unemployment increase from 8.5 percent to 10 percent over the past year.

In the United States, the unemployment rate was lower at 9.7 percent in February while the Japanese rate was a mere 4.9 percent in January.

Date created : 2010-03-31

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