Another month, another record high for eurozone unemployment.
The unemployment rate for the eurozone rose to 11.9% in January, a rise of .1% from December’s previous record high. Continue reading
Tag Archives: Eurozone
European Commission Admits Recession To Continue Through 2013
European Commission officials finally admitted what economists have been saying for months: the recession across the eurozone will continue through 2013.
The Commission said the eurozone’s economy is expected to shrink .3% during 2013. The Commission has been holding to a previous published report that the eurozone would see .1% growth during the year. The economy shrank .6% during 2012. Continue reading
Eurozone Recession Increased In Fourth Quarter
The recession across the eurozone increased significantly during the fourth quarter of 2012 according to official figures released today.
The 17 nations that make up the euro showed an economic shrinkage of .6% in the final three months of the year, the sharpest decrease since 2009 and the first time ever the eurozone has shown contraction over every quarter in a calendar year. Continue reading
Eurozone Manufacturing Contraction Slows
The latest Markit Purchasing Manager’s Index shows that the manufacturing market contraction that has been plaguing the eurozone is beginning to ease.
The latest level shows 47.9, an increase of 1.8 from December. Still below 50, it shows there is contraction in the manufacturing market, just at a much lesser pace than the previous month. Continue reading
Eurozone Unemployment Hits Another Record High
November figures have Eurozone unemployment at a new record high of 11.8%, rising .1% from October figures and the previous high. The European Union as a whole held at 10.7%. Continue reading
Ratings Agency Gives Greece Shocking Upgrade
Standard and Poor’s has surprised economists by raising Greece’s credit rating six levels from “selective default” to “B-minus”.
S&P stated the continued efforts of Eurozone countries to help Greece stay in the Euro and the austerity measures taken by the Greek government to eliminate excessive spending. Continue reading
Eurozone Now Predicted To Have Continued Recession in 2013
The European Central Bank has revised its outlook for 2013 and is now stating that it’s likely the entire Eurozone will have a massive recession that will last through the year.
The report says growth will be between -0.9% and 0.4%, significantly lower than previous predictions of growth between 0.2% and 2.2%. Continue reading
Eurozone Unemployment Hits Another High
Unemployment in the Eurozone continued it’s rise hitting 11.7% in October, more than a percentage point higher than last October.
The total of the unemployed in the zone has reached 18.7 million. Continue reading
French Credit Rating Downgraded
In a blow to the already beleaguered Eurozone economy, France has been downgraded in its credit status by Moody’s.
The country’s debt downgraded one position from AAA to AA1 and has kept a negative outlook. The negative outlook means that it’s very likely France could see another downgrade to their rating. The lower rating results in higher interest rates for borrowing costs hampering international investment. Continue reading
Eurozone Unemployment Hits A New Record High
Eurozone unemployment surged to a new record high of 18.49 million in September, an increase of 146,000 from August. The unemployment rate of 11.6% is almost a point and a half higher than one year ago.
Spain once again lead the way with an unemployment rate of 25.8%. In Spain and Greece, over half the workforce under 25 is unemployed. Continue reading