Friday, June 1, 2012

Eurozone Unemployment Hits All-Time High

The bizarre recent market optimism has gone down the drain  today.  On top the dreadful U.S. employment numbers, the eurozone's unemployment rate reached the highest level since the Euro was created 13 years ago.

The rate has risen to 11% in April. Employers cut 110,000 jobs.

In the larger 27-nation area that makes up the European Union the rate also rose to 10.3% in April, the highest EU unemployment rate on records that go back to 2000.

Staggering Figures. There were 24.7 million unemployed in the EU in April, 17.4 million in the eurozone.

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