Thursday October 30, 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)  
European stocks tumble as banks decline after Enria’s comments
Germany’s bonds rise as consumer prices decline in six states
Peripheral banks lead European shares lower after positive start
Greek euro dilemma is back as minister predicts volatility
Tsipras to meet with BoG governor on Thursday
SYRIZA chief Alexis Tsipras was expected to meet with Bank of Greece Yannis Stournaras on Thursday. According to sources the meeting had been originally scheduled for Friday, but was nearly ...
Over 1,500 buildings and vehicles damaged in flash floods
Applications for compensation following heavy showers last Friday had reached 1,085 for homes and businesses and 422 for vehicles by Thursday, while 395 people had filed for emergency compen...
Inside News
BASKETBALL
Panathinaikos and PAOK retain perfect record
The third round of games in the Basket League over the weekend saw PAOK overcome the strong resistance of host KAOD at Drama, and Panathinaikos and Olympiakos inflict heavy losses on AEK and...
SOCCER
Gattuso recalls resignation from OFI bench
Gennaro Gattuso has recalled his resignation from the OFI Crete bench following pressure by the club’s fans and administration, one day after his quitting accusing the club and its players o...
Inside Sports
COMMENTARY
Time is running out in Afghanistan
Thirteen years after the attacks on the Twin Towers and NATO's entry into the war in Afghanistan, things remain pretty much unchanged: Political instability and insecurity  reign in the Cent...
COMMENTARY
Cool heads required
It’s time for Athens and Nicosia to deal with the current situation in Cyprus’s Exclusive Economic Zone (EEZ), which a Turkish seismic research vessel has breached against international law,...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. European stocks tumble as banks decline after Enria’s comments
2. Tsipras to meet with BoG governor on Thursday
3. Germany’s bonds rise as consumer prices decline in six states
4. Over 1,500 buildings and vehicles damaged in flash floods
5. Clientelism belongs to the past, says Mitsotakis
6. Peripheral banks lead European shares lower after positive start
more news
Today
This Week
1. Greek euro dilemma is back as minister predicts volatility
2. Students hijack university senate meeting
3. Peripheral banks lead European shares lower after positive start
4. Clientelism belongs to the past, says Mitsotakis
5. Over 1,500 buildings and vehicles damaged in flash floods
6. Germany’s bonds rise as consumer prices decline in six states
Today
This Week
1. At least 11 banks to fail European stress tests, three in Greece, report says
2. Austria’s creative bookkeeping beats Greece on secret debts
3. Cyprus to block Turkey's EU talks after EEZ violation
4. End of reason, end of humanity
5. Clean bill of health for Greek banks from stress tests
6. Samaras pledges action after flash floods in Athens
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.