Over 23 million unemployed in Europe, inflation high, EU reports
Eurostat estimates that 23.264 million men and women in the EU27, of whom 16.198 million were in the euro area, were unemployed in September 2011. Compared with August 2011, the number of persons unemployed increased by 174 000 in the EU27 and by 188 000 in the euro area.”
Numbers are even more dramatic when compared to the same period of the previous year. “Compared with September 2010, unemployment rose by 215 000 in the EU27 and by 329 000 in the euro area,” said the European Union office.
Eurostat said the jobless rate in the euro zone rose slightly to 10.2 percent in September from a revised 10.1 percent in August. Among euro zone member states, the lowest unemployment rates were recorded in Austria and the Netherlands, while Spain and Greece recorded the highest rates.
Euro zone inflation was also surprisingly high at 3.0 percent for a second straight month in October, the EU announced.
In a first reading of inflation for the month, the European Union's statistics agency Eurostat said inflation was 3.0 percent in October. Economists had expected the European Central Bank to raise rates as soon as this week to support Europe's economy, as evidence mounts that the region's debt crisis is sapping business confidence and raising the specter of recession.
The Organization for Economic Cooperation and Development slashed its 2012 growth forecast for the euro area to 0.3 percent from 2.0 percent in May.
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