Unemployment in the 16-nation euro zone has climbed to 9.5 per cent, its highest rate in a decade, EU data show. More than 15 million people are out of work across the zone, with around 273,000 jobs lost in May, the Eurostat data agency estimated. The increase in jobless was expected, with the eurozone experiencing a 2.5 per cent drop in output in the first quarter of 2009. "Deep and extended economic contraction, depressed business confidence and deteriorating profitability is pushing unemployment up sharply across the eurozone," Howard Archer, an economist at consultants IHS Global Insight, said.
Unemployment in the 16-nation euro zone has climbed to 9.5 per cent, its highest rate in a decade, EU data show.
More than 15 million people are out of work across the zone, with around 273,000 jobs lost in May, the Eurostat data agency estimated.
The increase in jobless was expected, with the eurozone experiencing a 2.5 per cent drop in output in the first quarter of 2009.
"Deep and extended economic contraction, depressed business confidence and deteriorating profitability is pushing unemployment up sharply across the eurozone," Howard Archer, an economist at consultants IHS Global Insight, said.
THE EMPLOYMENT SITUATION: JUNE 2009 Nonfarm payroll employment continued to decline in June (-467,000), and the unemployment rate was little changed at 9.5 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Job losses were widespread across the major industry sectors, with large declines occurring in manufacturing, professional and business services, and construction. (...) The civilian labor force participation rate was little changed in June at 65.7 percent. The employment-population ratio, at 59.5 percent, continued to trend down over the month. The employment-population ratio has declined by 3.2 percentage points since the start of the recession in December 2007. (See table A-1.) The number of persons working part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed in June at 9.0 million. Since the start of the recession, the number of such workers has increased by 4.4 million. (...) In June, the average workweek for production and nonsupervisory workers on private nonfarm payrolls fell by 0.1 hour to 33.0 hours--the lowest level on record for the series, which began in 1964.
Nonfarm payroll employment continued to decline in June (-467,000), and the unemployment rate was little changed at 9.5 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today.
Job losses were widespread across the major industry sectors, with large declines occurring in manufacturing, professional and business services, and construction.
(...)
The civilian labor force participation rate was little changed in June at 65.7 percent. The employment-population ratio, at 59.5 percent, continued to trend down over the month. The employment-population ratio has declined by 3.2 percentage points since the start of the recession in December 2007. (See table A-1.)
The number of persons working part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed in June at 9.0 million. Since the start of the recession, the number of such workers has increased by 4.4 million.
In June, the average workweek for production and nonsupervisory workers on private nonfarm payrolls fell by 0.1 hour to 33.0 hours--the lowest level on record for the series, which began in 1964.
U6 is at 16.5%. Part-time work is at a record high. The shoots are rather brown. In the long run, we're all dead. John Maynard Keynes
And yes, these are comparable as it's in %, not headcount. In the long run, we're all dead. John Maynard Keynes
If we forget about prison population, army population and consider them a non-issue, the umployment ratio in Euorpe is the U3 or the U6 US unemployment?
A pleasure I therefore claim to show, not how men think in myths, but how myths operate in men's minds without their being aware of the fact. Levi-Strauss, Claude
So, where did the 60 thousand missing people go?
The number of unemployed people not receiving any subsidy was also reported to be down, but it wasn't said by how much.
So, are we seeing 60 thousand "discouraged workers" leaving the job market altogether just in this one month? A man of words and not of deeds is like a garden full of weeds; a man of deeds and not of words is like a garden full of turds — Anonymous
