The unemployment rate in the Europe has reached a record high percentage of 10.9. In times like this we really have to wonder, what are our ‘leaders’ doing? Why did they let this happen?
From the looks of it, all efforts to recover the economy seems futile. While the world at large seems to be doing good, Eurozone has continued to struggle and doesn’t really seems to make any progress at all.
If this goes on, Europe will fall and along with it sink the entire global economy.
Eurozone unemployment rose by 169,000 in March, official figures showed Wednesday, taking the rate up to 10.9 percent – its highest level since the euro was launched in 1999.
The seasonally adjusted rate was up from 10.8 percent in February and 9.9 percent a year ago and contrasts sharply with the picture in the U.S., where unemployment has fallen from 9.1 percent in August to 8.2 percent in March.
Europe’s rising unemployment reflects the downturn in the eurozone economy as governments enact austerity measures – spending cuts and higher taxes – to reduce their budget deficits and slow the growth of their debts. Eight eurozone countries – including Greece, Spain and the Netherlands – have seen their economies shrink for two straight quarters or more, the common definition of a recession.
April unemployment figures from Germany’s statistics office showed a monthly rise of 19,000, only the second increase in the past 25 months.
A survey of Europe’s manufacturing sector released Wednesday pointed to grim times ahead.
With no hope in the future, Europe continues to fight a endless battle for survival.