Eurozone unemployment rate at Euro era high: Mecklai
Eurozone unemployment rate has jumped to 10.7%, the Euro stat reported on March 1st 2012. The unemployment rate in the Euro zone is at euro era high which has never been seen since the inception of Euro zone (1999).
March 05, 2012 / 12:38 IST
Mecklai graph of the day - Euro-Zone unemployment at Euro era high
Eurozone unemployment rate has jumped to 10.7%, the Euro stat reported on March 1st 2012. The unemployment rate in the Eurozone is at euro era high which has never been seen since the inception of Eurozone (1999). The statistical office of Euro area (Euro stat) showed a divergence as the expectation of the economist was 10.4% which far exceeded the forecast and also the previous rate of 10.6%.Despite announcement of LTRO by ECB, the unemployment rate continues to remain high. The major contributors to the unemployment was PIGS (Portugal, Ireland, Greece and Spain) which are under severe pressure to implement austerity measures and reduce the fiscal deficit to 3% of the GDP as decided in the last EU Summit. Among the PIGS, Spain has a highest unemployment rate of 23.3% while Greece has an unemployment rate of 19.9% and unemployment rate in Ireland and Portuguese is 14.4% respectively. The unemployment rate which is at Euro era high will continue to remain at these levels should the members not adopt a uniform policy wherein investor sentiment would improve leading to higher industrial production and spending.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.To read the full report click on the attachment 
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