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.
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Good.
Economic girlie-men alert!
Economic girlie-men alert!
Wow! President Bush is so screwed up, he has lost jobs even in Europe! I didn't know he was so powerful and influential!
I'm not one to kick a man when he's down, but BWAHAHAHAHAHAHAHAHAHAHAHAHAHA. Socialism is great!!!!
French bread lines?
Sure they might have 10% unemployment, but they have really good unemployment benefits. (Could there be a connection? Nah.)
I think the French would consider this good news, they don't like to work anyway.
In a COMPLETELY unrelated note, 30 hour work weeks to commence in Euro. come October.
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.
It's from 2000. Current unemployment rate in Poland is about 19.3 %.
(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.
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