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July 1, 2013

Euro Zone Joblessness Rises

 Unemployment in the euro zone continued its steady rise in May, according to data published Monday, underscoring the human effects of a downturn that has lasted a year and a half.

The jobless rate in the 17 countries that belong to the euro zone was 12.1 percent in May, adjusting for seasonal effects, the report from Eurostat, the European Union statistics agency, said. That figure compared with 12 percent in April, which was revised down from 12.2 percent reported earlier. Based on the revised figures, May unemployment was a record high.

Eurostat estimated that 19.2 million people in the euro area were jobless in May, an increase of 67,000 from April. For all 27 countries in the European Union, the unemployment rate was unchanged at 10.9 percent. The European bloc expanded to 28 countries on Monday when Croatia officially joined.

Joblessness in the euro zone has been rising almost without interruption since early 2008, when the financial crisis began, declining only briefly at the beginning of 2011, and analysts see little prospect for a sustained decline anytime soon.”

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Read full New York Times article here

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