Euro zone unemployment rate reaches 9.7%

| October 30, 2009 | 0 Comments
Euro zone unemployment rate reaches 9.7%

Figures from Eurostat have revealed that the number of people unemployed across the euro zone grew to 15.3 million in September.

The latest figures mean that the unemployment rate across the 16 countries that use the euro is 9.7% - the highest rate since January 1999.

Spain has the highest unemployment in the region at 19.3%, the country has been hit by a severe slump within the construction industry, which has led to a significant amount of job losses.

Meanwhile, the lowest rate is in the Netherlands at 3.6%.

The euro zone is still officially in recession but many analysts are hopeful that the bloc experienced positive growth in the third quarter and will exit recession. Its number 1 and 2 economies, Germany and France, have both exited recession after experiencing positive growth in the second quarter.

According to Nick Kounis at Fortis: “The unemployment rate will continue to rise in coming months.”

“What you tend to see in Europe is that labour market adjustments take some time, especially compared to the US, where jobs are slashed much more quickly,” Kounis concluded.

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