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EU Jobless Rate Hits Historic High

Posted by EU Times on Jan 11th, 2012 // No Comment

sara20111214062744577 — Unemployment in the European Union states has reached a record-high level of 9.8 percent, a new report says.

A quarterly report released by the European Commission shows that unemployment has reached a historically high level across Europe.

The report, issued on Tuesday, says 9.8 percent of all formerly-employed Europeans are currently jobless, with unemployment having steadily escalated since last spring.

According to the report, young workforce, low-skilled workers, and migrants are among the worst hit.

Youth unemployment is said to have climbed to 5.6 million in November 2011, marking a new high of 22.3 and demonstrating a considerable increase from 15 percent in spring 2008.

The report has also warned of rising poverty among low-income households in many EU states, particularly the Baltic countries, Spain, and Ireland.

It warned that the austerity measures, planned by governments to avert the crisis, could deteriorate the situation of vulnerable groups if the measures are not arranged carefully.

The European Commission has also announced in a separate report that the index of consumer confidence had fallen to a two-year low in December 2011.

Europe plunged into deep financial crisis in 2008, which has continued to intensify over the recent months.

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