Eurozone unemployment rate almost tops 10%


Official data show the unemployment rate in the 16-nation eurozone has topped 9.2 percent in April, the highest level in almost ten years.

Figures confirm countries using the euro currency lost a total of 396,000 jobs in April due to deepening recession in Europe.

The unemployment rate in the 27-nation European Union hit 8.4 percent in the same month, the highest level in almost three years.

The current economic crisis has left nearly 21 million people jobless in Europe.

"Deep and extended economic contraction, depressed business confidence and deteriorating profitability is currently increasingly feeding through to push unemployment up sharply across the eurozone," Howard Archer, chief European economist at IHS Global Insight in London, told AFP.

The European Commission has forecast that more people will lose their jobs in the coming months.

The commission predicts 8.5 million Europeans will lose their jobs in 2009 and 2010.

The economic crisis and its impact on jobs are expected to be on the top of the agenda in the discussions at the International Labour Organisation's annual conference from June 3 to 19.

In his report to the conference, ILO Director-General Juan Somavia said, "unemployment is expected to continue rising at least until the end of 2010, probably 2011," and warned of the risks to political and social stability that long-term unemployment could cause.

Published: Source: slashnews.co.uk

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