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Business

Unemployment rate highest since euro launch

Text by News Wires

Latest update : 2010-06-01

With almost 16 million people out of work, unemployment across the 16 countries of the single-currency bloc hit a record rate of 10.1 percent in April, the highest since the euro came into being in 1999.

AFP - Unemployment across the 16 countries that share the euro hit a record 10.1 percent rate in April, with almost 16 million people out of work, the European Union said on Tuesday.

The unemployment rate for the common currency area, up from March, is now running at the highest since the euro came into being in 1999 -- with almost 1.3 million more people out of work than 12 months earlier, according to seasonally-adjusted Eurostat figures.

Across the 27 nations that make up the full EU, which also includes services giant Britain and industrial powerhouse Poland, more than 23.3 million people were estimated to be out of work in April -- 2.4 million more than one year beforehand.

Only Germany, the EU's biggest economy, recorded a fall in unemployment over the full year, from 7.6 percent in April 2009 to 7.1 percent this time out.

That compares to 9.9 percent for the US in April but just 5.0 percent in Japan, going by March figures there.

The Netherlands enjoyed the lowest jobless rate, at 4.1 percent, with debt-laden Spain, on 19.7 percent, beaten only by Latvia.

Unemployment among under-25s in Spain tallied 40.3 percent in the first quarter of 2010.
 

Date created : 2010-06-01

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