Euro-Zone Unemployment Rises in September to Highest Level Ever
The European debt crisis and related austerity measures continue to drive up unemployment across the euro zone. In September, according to statistics released on Wednesday, fully 18.5 million people were without work in the common currency area, more than ever before.
Global financial markets have, for the moment, been calmed. The European Central Bank has embarked on its program to buy unlimited sovereign bonds as needed from euro-zone countries suffering from high borrowing costs and all of those countries have adopted strict austerity programs to get their budgets in order.
That, though, has not been good for economic growth — and now the European Union has released new figures highlighting a struggling euro-zone economy. According to a report released on Wednesday by Eurostat, the European Union’s statistical office, unemployment in the 17-nation common-currency area stood at 11.6 percent in September, the highest it has ever been.
The numbers represent an up-tick against the 11.5 percent rate reported for August. In total, Eurostat estimates that 18.49 million people were out of work in the euro zone, up 146,000 over August. The rate indicates a significant rise against the euro-zone unemployment rate in September 2011, which was 10.3 percent.