Eurozone unemployment is still stagnant
Eurozone employment is stuck in a bad place. Numbers out yesterday show the unemployment rate hovering at 11.6 percent for a second consecutive month. While at least it isn’t rising, the rate needs to drop a lot further for Europe to truly get back on track from the 2008 financial crisis. Nineteen million people remain out of work across the eurozone, Reuters reports, and the unemployment rates in Spain and Greece both remain above 25 percent.
“We can only really speak of a proper recovery when Europe’s economy creates new jobs in hundreds of thousands every month on a sustained basis,” European Commissioner for Employment Laszlo Andor said.