Wednesday April 16, 2014 Search
Weather | Athens
19o C
12o 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)  
Euro periphery emerges as haven as bonds rise amid Ukraine feud
Euro periphery emerges as haven as bonds rise amid Ukraine feud
Industry turnover index declines in February
Eurozone inflation stuck in ´danger zone´, keeps pressure on ECB
Golden Dawn MP to face charges for 2005 mugging
Supreme Court prosecutor Efterpi Koutzamani asked Parliament on Tuesday to lift the immunity of Golden Dawn lawmaker Artemis Matthaiopoulos so he can face charges of theft in connection with...
Drasi and Recreate Greece say TV channels ignoring them
The leaders of Greece’s two pro-business parties, Theodoros Skylakakis (photo) of Drasi and Thanos Tzimeros of Recreate Greece, wrote to the broadcasting watchdog on Wednesday to complain th...
Inside News
BASKETBALL
Defense lets Olympiakos down at Madrid
Olympiakos played second fiddle to Real Madrid in a rather spectacular game in Spain on Tuesday going down 88-71 to trail 1-0 in the best-of-five quarterfinal series with the Spanish giant. ...
SOCCER
Apollon is relegated, Xanthi to face survival play-off
Apollon followed Aris to the second division and Xanthi will contest a relegation play-off, as the end of the regular season of the Super League on Sunday produced predictable results that a...
Inside Sports
COMMENTARY
Stopping the madness
Greek society is threatened by an overdose of madness and hatred. To be sure, behind the rise of polarization and of extreme – sometimes extremist – views is the harsh reality of the debt cr...
EDITORIAL
Fundamental contradictions
The deep division running through the ranks of the country’s main opposition party regarding the euro and how Greece’s negotiations with its partners and creditors ought to be carried out is...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Golden Dawn MP to face charges for 2005 mugging
2. Drasi and Recreate Greece say TV channels ignoring them
3. Minor traffic offenders to get plates back for Easter
4. Police in Thessaloniki collar two for big debts to state
5. Mayoral candidates´ offices in Athens targeted by vandals
6. Euro periphery emerges as haven as bonds rise amid Ukraine feud
more news
Today
This Week
1. EU struggles to unpick the knot of Russia-Ukraine gas logistics
2. Stormy weather expected in northwest, central Greece
3. Greece to assist search for remains of Turkish pilot
4. University admission exams to commence May 28
5. Bad weather leaves northwest town powerless
6. Illegally claimed pensions cost state over 12.5 million euros
Today
This Week
1. Bomb explodes outside Bank of Greece
2. Time to take a hard look at debt sustainability, says OECD chief
3. For faith and country
4. CCTV footage from Nigrita Prison shows signs of inmate torture [Video]
5. Samaras sees no need for third bailout
6. Car bomb explodes outside Greek Central Bank building, no one hurt [Update]
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.