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Little sign of new jobs created in Europe
AP Wire | September 01 2004 | Associated Press

Posted on 09/01/2004 11:11:29 AM PDT by knighthawk

BRUSSELS, Belgium -- The euro zone continues to experience a jobless recovery, with no indication that new jobs are being created after more than a year of generally sluggish economic growth.

According to figures published Wednesday by the European Union statistics agency, the unemployment rate in the dozen countries using the euro was unchanged at 9 percent in July.

The figures were in line with expectations, and remain far above other parts of the industrialized world. The jobless rate stood at 5.6 percent in the United States and 4.9 percent in Japan, according to Eurostat.

Unlike other developed economies, the euro zone has yet to experience a burst of job creation in response to stronger global economic growth, and there is little sign of dramatic improvement this year.

The high unemployment rate partly explains the weak state of consumer confidence in the euro zone and the low level of spending growth.

According to a survey of euro-zone purchasing managers also published Wednesday, manufacturers cut payrolls for the 39th straight month in August, and at a faster rate than in July.

With domestic demand likely to remain subdued for some time as a consequence of high unemployment, the European Central Bank isn't expected to raise interest rates soon. Its governing council meets Thursday, and is expected to leave rates unchanged at 2 percent.

Unemployment rates varied widely across the currency area, with Austria recording a jobless rate of 4.2 percent, while Spain recorded a jobless rate of 11 percent.

In the European Union as a whole - which includes Britain, Sweden, Denmark and the 10 mostly central and eastern European countries that joined the area May 1 - the jobless rate fell to 9 percent from 9.1 percent in June.


TOPICS: News/Current Events
KEYWORDS: europe; jobs
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1 posted on 09/01/2004 11:11:30 AM PDT by knighthawk
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To: MizSterious; rebdov; Nix 2; green lantern; BeOSUser; Brad's Gramma; dreadme; Turk2; keri; ...
Europe-list

If people want on or off this list, please let me know.

2 posted on 09/01/2004 11:12:19 AM PDT by knighthawk (We will always remember We will always be proud We will always be prepared so we may always be free)
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To: knighthawk

Good.


3 posted on 09/01/2004 11:12:30 AM PDT by Janan Ganesh (British passport, American soul)
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To: knighthawk

Economic girlie-men alert!


4 posted on 09/01/2004 11:14:25 AM PDT by tellw
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To: knighthawk

Economic girlie-men alert!


5 posted on 09/01/2004 11:14:53 AM PDT by tellw
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To: knighthawk
According to figures published Wednesday by the European Union statistics agency, the unemployment rate in the dozen countries using the euro was unchanged at 9 percent in July.

Only the truly enlightened understand why it is imperative that we mimic the European way of doing things. Anything less is "stupid" and "selfish."
6 posted on 09/01/2004 11:17:21 AM PDT by Jaysun (Let me take yet another opportunity to tell the "moderates" to shove it ....... then twist it.)
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To: knighthawk

Wow! President Bush is so screwed up, he has lost jobs even in Europe! I didn't know he was so powerful and influential!


7 posted on 09/01/2004 11:17:23 AM PDT by Ex-Democrat Dean
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To: knighthawk
In America - 9-10% unemployment is a recession

In Europe - 9-10% unemployment is what you get in GOOD times.

Socialism at work...
8 posted on 09/01/2004 11:22:43 AM PDT by 2banana (They want to die for Islam and we want to kill them)
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To: knighthawk

I'm not one to kick a man when he's down, but BWAHAHAHAHAHAHAHAHAHAHAHAHAHA. Socialism is great!!!!


9 posted on 09/01/2004 11:23:15 AM PDT by starvingstudent (ask your favorite leftist: "If there is another civil war, who do you think will win?")
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To: knighthawk

10 posted on 09/01/2004 11:26:05 AM PDT by Spackidagoosh
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To: knighthawk
French bread lines?

11 posted on 09/01/2004 11:28:14 AM PDT by atomicpossum (If there are two Americas, John Edwards isn't qualified to lead either of them.)
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To: Spackidagoosh
WOW!!
Poland over 16%?!
12 posted on 09/01/2004 11:37:46 AM PDT by akorahil (The fact that Minnesota is a swing state equally boggles my mind and gives me hope...)
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To: Jaysun

Sure they might have 10% unemployment, but they have really good unemployment benefits. (Could there be a connection? Nah.)


13 posted on 09/01/2004 11:43:14 AM PDT by Sapper26 (In Europe will it be called Celsius 488.3?)
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To: knighthawk

I think the French would consider this good news, they don't like to work anyway.


14 posted on 09/01/2004 11:44:53 AM PDT by hushpad
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To: Sapper26

In a COMPLETELY unrelated note, 30 hour work weeks to commence in Euro. come October.


15 posted on 09/01/2004 11:45:27 AM PDT by DAC21
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To: tellw
Economic girlie-men alert!

Amen to that. Looks like the Euro-peons haven't yet figured out that socialism is a lost cause.

It's Chirac's & Gephardt's fault.

16 posted on 09/01/2004 11:49:55 AM PDT by Prime Choice (Democrats. They want to have their cake and eat yours too.)
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To: akorahil

It's from 2000. Current unemployment rate in Poland is about 19.3 %.


17 posted on 09/01/2004 1:06:47 PM PDT by Grzegorz 246
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To: Grzegorz 246
My goodness!
What are the underlying reasons for this?
18 posted on 09/01/2004 1:28:03 PM PDT by akorahil (The fact that Minnesota is a swing state equally boggles my mind and gives me hope...)
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To: knighthawk
I see several fairly obvious problems with the EU that have caused unemployment rates to hit 9%. But because they are so endemic and run so deep that it appears these major problems will be impossible to fix anytime soon.

(1) The Euro is overvalued artifically. It is higher by about 30% of what it ought to be. Right now a Euro sells for 1.2049 of a US Dollar (USD). I have many friends who changed their minds and cancelled vacations in Europe. Everything is far too expensive: Hotel rooms, meals and alchol are over priced in addition to problems with the Euro. Who wants to pay the equivalent to $ 5 for a cup of coffee or a 20 oz draft beer? Not me!

(2) Socialist programs such as universal healh care, unemployment benefits and generous state funded retirements have broken the backs of taxpayers in Europe. Talk about high taxes! Outrageous!

(3) Cheap workers from Eastern Europe and elsewhere(name your poison) will work below the prevailing wage and work for cash "off the books" and thus help drive up unemployment rates.

The 9% unemployment rate is really higher in some countries. Soon it will average over 10%. The situation is getting desperate. There is no hope for recovery anytime soon. I say let the EU fall into depression and ruin by the weight of its own corruption.

I can wait to travel to Europe.

19 posted on 09/01/2004 1:55:06 PM PDT by ex-Texan
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To: akorahil
"What are the underlying reasons for this?"

First of all stupid, corrupted politicians, bureaucracy and too high taxes.
Also in some way still effects of communism.
In late 90's unemployment rate dropped to about 10%, but many unprofitable state owned corporations were subsidized by government - It wasn't possible in long term, so most of them, especially heavy industry, mines were closed and people lost their jobs.
20 posted on 09/01/2004 2:13:22 PM PDT by Grzegorz 246
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