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Unemployment Rises In Europe

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PARIS — Unemployment in the euro zone rose in October to its highest level in more than 12 years, an official report showed Tuesday, underlining the pressure on governments as they try to reduce spending and bring deficits under control.

The seasonally adjusted unemployment rate was 10.1 percent in October, up from 10 percent in September, Eurostat, the statistics agency of the European Union, reported. For the full Union, unemployment was unchanged in October at 9.6 percent, it said, equivalent to about 23.1 million men and women.

Julia Urhausen, a Eurostat spokeswoman, said joblessness in the 16 nations that make up the euro zone was at its highest since July 1998, when the rate also stood at 10.1 percent.

The jobless figures nonetheless conceal wide differences among countries. For example, the Netherlands’ rate — at 4.4 percent — was the lowest in the euro zone. It was dwarfed by that of Spain, which at 20.7 percent was the highest.

The rising joblessness threatens to defeat efforts to turn around stagnant economies at a time of tight budgets, especially in the “peripheral” countries of Spain, Portugal, Ireland, Italy and Greece, which will need strong growth to make their way out of financial problems. The unemployed spend less, pay fewer taxes and receive government assistance, dragging down demand and pressuring budgets.

The jobless recovery keeps on trucking.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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