Saturday November 29, 2014 Search
Weather | Athens
16o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Euro-area unemployment rate holds at 12.1 percent; Greece reports 27.4 percent in September

Euro-area unemployment held at a record in November as policy makers struggled to bolster the recovery from the currency bloc’s longest recession.

The jobless rate remained at 12.1 percent, the European Union’s statistics office in Luxembourg said on Wednesday. That’s in line with the median estimate in a Bloomberg News survey of 26 economists. After several revisions of previous months’ data, unemployment has been stable at that level since April, Eurostat said.

Europe’s fragile labor market remains a major concern for EU leaders as they try to foster the recovery. Last month, they acknowledged that the jobless rate remains “unacceptably high,” especially among young people, 18 months after they unveiled a 120 billion-euro ($163 billion) package to jump-start the economy and create jobs.

“The euro-area economy isn’t growing fast enough to significantly reduce unemployment,” said Evelyn Herrmann, an economist at BNP Paribas SA in London. “This isn’t going to change anytime soon, with annual growth rates of about 1 percent this year and in 2015.”

The European Central Bank estimates that the euro-area economy will expand 1.1 percent this year after contracting 0.4 percent in 2013. Unemployment will average 12.1 percent this year and 11.8 percent in 2015, economists forecast in a separate Bloomberg survey.

Meager growth has forced European companies to shed jobs in a bid to cut costs and remain competitive. European Aeronautic, Defence and Space Co. said last month that it would cut 5,800 jobs in Germany, France, Spain and the U.K.

Unemployment varied widely across the euro area in November, from a low of 4.8 percent in Austria to a high of 26.7 percent in Spain. Greece, which last reported in September, had a jobless rate of 27.4 percent. Among people under the age of 25, unemployment in the then 17-nation euro zone stood at 24.2 percent.

While unemployment remains resistant to policy makers’ attempts to boost the economy, positive signs are gradually accumulating, such as improving economic confidence. The European Commission will publish the results of its December survey on Thursday, with the gauge forecast to rise to 99.1, the highest reading since July 2011, according to economists surveyed by Bloomberg.

November retail sales increased 1.4 percent from the previous month, beating analysts’ estimates, and 1.6 percent in the year, Eurostat said today in a separate report.

And the ECB, after cutting its main refinancing rate to a record-low 0.25 percent in November, sees ‘‘no immediate need to act’’ further on “encouraging signs” that the euro area’s crisis is easing, President Mario Draghi said on Dec. 28 in an interview published in Der Spiegel. The Frankfurt-based central bank will leave its key rate unchanged tomorrow, according to all 51 economists in another Bloomberg survey.

[Bloomberg]

ekathimerini.com , Wednesday Jan 8, 2014 (12:20)  
Q3 growth was bigger than thought
Who will pay for the state’s ADMIE stake?
Christmas budgets slashed due to higher taxes, healthcare costs
Finance Ministry inundated with applications for debt settlement
Venizelos extends invite to Turkey at start of visit
Foreign Minister Evangelos Venizelos arrived in Ankara Friday night for two days of talks. Ahead of his visit he sought to make it clear that Greece is prepared to discuss maritime issues wi...
Vatopedi trial for 14 suspects
The Supreme Court decided Friday that 14 people should stand trial for the notorious property swap between the Vatopedi Monastery and the state six years ago. Those who will face charges of ...
Inside News
BASKETBALL
One more emphatic win sees Panathinaikos make top 16
Panathinaikos has mathematically qualified to the top 16 of the Euroleague after another emphatic home win, this time against Bayern Munich, with an 87-72 score on Friday. Given the changes ...
SOCCER
PAOK is one win from Europa League´s last 32
A late brace by Stefanos Athanasiadis gifted PAOK a precious win at Dynamo Minsk on Thursday, meaning that the Thessaloniki team is one win away from graduating from the group stage of the E...
Inside Sports
COMMENTARY
Change of US president won´t mean change of foreign policy
Americans have again voted for change in Washington as opposition Republicans take control of both houses of the US Congress. As attention now turns to the 2016 presidential race, it's time ...
COMMENTARY
The presidential election paradox
A few days ago, speaking with a visiting colleague who neither works in Europe nor covers events here, I suddenly felt how much we Greeks take for granted some things that should have worrie...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. One more emphatic win sees Panathinaikos make top 16
2. Venizelos extends invite to Turkey at start of visit
3. Vatopedi trial for 14 suspects
4. New proposals on way to troika
5. Cabbie who carried shooter claims he was threatened
6. Gov´t urged to allow Syrian refugees to move on
more news
Today
This Week
1. Change of US president won't mean change of foreign policy
2. Child molester suspect photo released by police
3. Greek economy expands 0.7 pct q/q in Q3
4. Lebanese FM: Cyprus may be jihadi transit point
5. Athens water supply 9-month profit falls 45 pct on lower charges
6. Armed man arrested on Thessaloniki campus
Today
This Week
1. Give Greece a chance
2. Extremism from a bygone era
3. Scientists expand excavation of ancient Amphipolis
4. Greece paralyzed by major strike, flights cancelled
5. Piraeus nightclub shooting leaves 3 seriously injured
6. Cosco’s Greek unit adds multinational rail-freight client
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.