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Home > News and Opinion > Unemployment Level In Eurozone Increases: Sets New Record

Unemployment Level In Eurozone Increases: Sets New Record

George Sterling | Wednesday, October 31st, 2012

In September, unemployment in Euro zone rose to its highest level, striking 11.6 percent. The euro zone has been dealing with exponentially high debt since 36 months and the new revelation regarding unemployment in the region setting new records is a clear sign that the euro zone is still struggling to get a hold of its debt.

According to EU’s statistics office reported by Eurostat, unemployment in the euro zone escalated to 11.6 percent, increasing from 11.5 percent in the month of August. In September, it was revealed that a total of 18.49 million individuals were driven out of employment. The number of unemployed in August was 146,000.

The increase in unemployment level and the total number of people driven out of work in September in the euro zone was the highest during the past month in three months. Unemployment in the indebted euro zone has been on an increasing trend since the last 12 months. The euro zone is struggling to deal with the financial crisis while governments of different countries in the region are finding it hard to cut their expenditures and are opting for bailout packages.

Credit ratings of several countries have also been degraded by credit ratings’ agencies which have also affected investors’ sentiment about the region.

Currently, out of seventeen countries in the euro zone, a total of five are already in recession. The five countries that are in recession include Cyprus, Portugal, Italy, Greece and Spain. Moreover, analysts and experts expect more countries in the region to join these countries soon.

Moreover, by mid-November, when the euro zone posts its economic activity results of the 3rd quarter, the entire region will be confirmed to be in recession. Recession is confirmed after a region/country reports two successive quarters of negative growth.

The new report and statistics revealed by Eurostat will affect investors’ sentiment adversely. Investors/traders are already very skeptic and pessimistic about the euro zone and evidence that the region is sliding further into recession will hurt their overall sentiment negatively.

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