Italian Youth Unemployment exceeds 44%, National Debt Reaches Record High US$2.43 Trillion


<> on October 1, 2011 in Perugia, Italy.JNN 08 July 2015 Milan : Youth unemployment has increased to 44.2 percent in June, according to the Italian national statistics office. It’s the highest level since 1977 and about twice the eurozone average. Continue reading

Greece on the verge of Bankruptcy , credit rating down graded from ‘CCC’ to ‘selective default’


Greek Bickering EconomyJNN 06 Dec 2012 Athens : Standard & Poor’s (S&P) ratings agency has downgraded Greece’s already junk-level debt rating to “selective default” after the debt-ridden country launched an operation to buy back bonds at well below their face value. Continue reading

Greece on the verge of Bankruptcy , credit rating down graded from ‘CCC’ to 'selective default'


Greek Bickering EconomyJNN 06 Dec 2012 Athens : Standard & Poor’s (S&P) ratings agency has downgraded Greece’s already junk-level debt rating to “selective default” after the debt-ridden country launched an operation to buy back bonds at well below their face value. Continue reading

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.  Continue reading

Tens of thousands Protests over the economic crisis in Madrid


JNN 20 June 2011 MADRID  – Tens of thousands of protesters flooded the streets of Madrid on Sunday blaming bankers and politicians for causing a financial crisis that forced the country to adopt painful spending cuts.  Continue reading

Protest and Demonstration in Spain on the Egytian Pattern – Europe now taking lead from Egyptian Revolution


JNN 21 May 2011 : Mass protests in Spain against unemployment and tight austerity measures continue for a seventh consecutive day despite a pre-election ban on demonstrations. Continue reading

IMF warns about Arab world joblessness


JNN 24 Jan 2011 :The International Monetary Fund (IMF) has warned that high unemployment rate is an “increasingly urgent” challenge for the Arab world. “We do see economic pressure building in the region,” said David Hawley, an IMF spokesman. Continue reading

High rate of Joblessness in Ireland, youths suffer mental issues


 

JNN 31 Dec 2010 : Unemployment is tipped as the main cause behind increased mental health problems, including panic attack, self-harm, and depression in Northern Ireland, a new study says.

According to the study carried out by the Prince’s Trust, joblessness triggers mental health problems among almost half of the unemployed youths aged between 16 and 25, the daily Belfast Telegraph reported.

More than one fifth of the Northern Ireland youths have admitted to self-harming, one in three suffered from insomnia and one fifth of those interviewed said they had panic attacks, the study found.

The Macquarie Youth Index, which interviewed 2,170 people across the UK, found that 15 percent of youths in Northern Ireland feel depressed ‘all’ or ‘most’ of the time, while 63 percent of those working said their job was an important part of their identity.

“I was in the depths of despair and depression. It’s very isolating not to have work. You have no reason to get up in the morning and you feel like you have no purpose in life,” said Claire Conway from Omagh, who suffered from depression when she lost her job in 2002 at the age of 22.

“You block yourself off from friends, especially the people who are working,” she added.

This was the third annual report to be published by the Prince’s Trust and it recorded the most significant decline in young people’s emotional health.

“Unemployment presents a very real and frightening mental health problem for young people in Northern Ireland – and the longer they are out of work, the greater the risk,” said Ian Jeffers, director of the trust in Northern Ireland

 

Californians keeps on losing jobs even before holidays also


JNN 24 Nov 2010 : California companies continue to lay off workers, with the majority being low tier workers like janitors and maintenance staff, as the holiday season starts.

For the past 15 months, California’s unemployment rate has stood at 12 percent or more.

Data from the state employment department shows California is losing on average 50,000 jobs per month.

Labor expert Mike Chavez believes the job market has never been worse in California.

He told JNN  that some of the larger companies are compounding the situation by letting more workers go before the end of the year.

“We’ve got banks, we’ve got big corporations that are starting to recover for themselves and make more money, and yet they’re cutting people at the bottom, the lowest paid people,” Chavez said.

Companies like JP Morgan Chase say the layoffs announced before the holidays give employees time to find new jobs.

Analysts say holiday layoffs occur when a company wants to boost its bottom line to appease its share holders. They also say bad publicity from the firings is usually outweighed the increased prices and stock.

A woman, who worked as a janitor in a Los Angeles high rise before she and dozens of her co-workers were let go, told JNN that they are fighting to get their jobs back as finding a job in California has become practically impossible.

“It’s a very hard thing because I’m a single mom and I have two kids that I have to support by myself. It has hit me really bad,” she said.

Chavez said the US would not fully recover from this recession unless it adopts a labor system that focuses more on the workers and less on what happens on Wall Street.