Eurozone’s unemployment at record high amid debt crisis , Italian unemployment reached 13-year high in June


JNN 02 Aug 2012 Rome : The number of people unemployed across the 17 countries that share the euro currency has hit a record high in June, official figures show. While Italy has been Among the worst hit, the Italian youth have been hit hard as joblessness among the people aged 15 to 24 stood at 34.3 percent in June. 

New data released by the Eurostat, the EU’s statistics office on Tuesday shows that 17.801 million people were out of work in the eurozone in June.

The new figure is 123,000 more than May, and is the highest level since the euro was formed in 1999

Meanwhile, unemployment rate in the economy of the 17 nations using the euro on a seasonally-adjusted basis in June was held at a record 11.2 percent, the highest since the data series started in 1995.

Italy, one of the eurozone’s biggest economies, also saw unemployment rise in June to a new record high of 10.8 percent, the highest in almost 13 years.

The rate, up from 10.6 percent in May, was released by Italy’s National Institute for Statistics (Istat) on Tuesday.

Tough austerity measures, spending cuts, and pension changes introduced by Italian Prime Minister Mario Monti’s government have stirred serious concerns for many people, already grappling with the European country’s ailing economy.

Apart from Italy, various eurozone member states, including Greece and Spain, have been struggling with deep economic woes since the bloc’s financial crisis began roughly five years ago

As a result, the member-states started implementing tough austerity measure in a bid to prevent facing double-dip recessions, which has also prompted companies to cut jobs.

The figure is reportedly the highest since the third quarter of 1999 as the EU member state continues to struggle through a persisting recession.

Istat added that the Italian youth have been hit hard as joblessness among the people aged 15 to 24 stood at 34.3 percent in June.

The data further revealed that about 2.8 million Italians were looking for jobs in June which shows a 37.5 percent increase compared to the same period last year.

Tough austerity measures, spending cuts, and pension changes introduced by Italian Prime Minister Mario Monti’s government have stirred serious concerns for many people, already grappling with the European country’s ailing economy.

Italians have been staging demonstrations to protest against high unemployment, economic adversity, and the hardship occasioned by the government-introduced labor reforms.

The government says the reforms are needed to create jobs, increase competition, and cut costs in eurozone’s third-largest economy.

Italy started to experience recession after its economy contracted by 0.2 percent in the third quarter and by 0.7 percent in the fourth quarter of 2011.

Apart from the country, various eurozone member states, including Greece and Spain, have been struggling with deep economic woes since the bloc’s financial crisis began roughly five years ago.

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