The number of Europeans out of work across the Euro-zone has reached a new unprecedented record high of 12.1%. More than 19.2 million people are now out of work across Europe, the highest level since the Eurozone’s creation in 1999 and the highest level since Eurostat began to monitor jobless levels in 1995.
In the wider European Union unemployment is remaining stable at 10.9% meaning that altogether a total of 26.521 million people are out of work across Europe. The dismal figure is an increase of 1.814 million in just the past year alone.
The countries with the highest jobless rates are as usual Greece at 27.2%, Spain at 26.2% and Portugal with 17.5%. Unemployment in France has also risen to an all time high with up to five million people now out of work.
Young people across the region are still suffering the most with the youth unemployment rate in the European Union rising to 23.5% in March (up from 22.6% a year ago), and 24% in the Euro area, (up from 22.5%). The highest jobless rates for youths were recorded in Spain with a staggering 55.9%, Italy 38.4% and Portugal with 38.3%.
Euro stat also reported this morning that inflation across the Eurozone has fallen to just 1.2% in April. That’s a sharp fall on March’s 1.7%, and a much smaller rise in the cost of living than analysts had expected. The data makes it more likely that the European Central Bank will bow to pressure and cut interest rates at its next monthly meeting on Thursday.
As a result of the dismal jobs and inflation data the Euro has tumbled against the majority of its peers as investors seek shelter in safe-havens. The data has caused risk-aversion to rise as it paints a continuingly grim picture of the European economy and shows no hint of improvement.
As of 11:00 am GMT
The Euro to Pound Sterling exchange rate is currently trading in the region of 0.8427
The Euro to US Dollar exchange rate is currently trading in the region of 1.3057
The Euro to Australian Dollar exchange rate is currently trading in the region of 1.2618
The Euro to New Zealand Dollar exchange rate is currently trading in the region of 1.5273