At the height of the sovereign debt crisis, the euro area had an unemployment rate of just above 12%.
In August 2020, the youth unemployment rate was 17.6 % in the EU and 18.1 % in the euro area, up from 17.4 % and 17.8 % respectively in the previous month. In March 2010, the European Commission launched the Europe 2020 strategy for smart, sustainable and inclusive growth; this was formally adopted by the European Council in June 2010. The unemployment rate in the euro zone came in at 7.4% in May, as the region grapples with the economic shock from Covid-19. So I don’t understand this situation we are going through.”. He received a one-off support check for 800 euros ($940) shortly after the country’s economy was placed in lockdown in the spring. But while such help has slowed the wave of unemployment, jobs continue to vanish. Data is a real-time snapshot *Data is delayed at least 15 minutes.
Sign up for free newsletters and get more CNBC delivered to your inbox. Get this delivered to your inbox, and more info about our products and services. Some economists expect the unemployment rate to double to 8% by year end. This material may not be published, broadcast, rewritten or redistributed. “It’s an overdose of stress because we haven’t a penny in our pockets,” says Silva. But what about jobs? A Division of NBCUniversal. Got a confidential news tip? Speaking on Friday, European Central Bank President Christine Lagarde said the world may be past the worst of the pandemic, though she cautioned that there is a risk of a second wave of infections. The COVID-19 pandemic plunged Europe into its deepest recession on record in the first half of the year.
CLICK HERE TO TURN ON NOTIFICATIONS. Former EU chief mocks EU exit - but says UK will REJOIN bloc, EU civil war: MEPs demand major gathering be CANCELLED, French workers protest against job cuts in Paris, Italian trade union members stage a demonstration, Sadiq Khan urges Boris to copy Macron's £27bn furlough plan, Rishi Sunak launches Kickstart Scheme: When to expect job placements, Unemployed grant: How to apply for unemployment grants up to £10k, Economy facing a four-year climb back to recovery, Naga Munchetty cuts off Jenrick in heated unemployment row, Andrew Neil slams Boris Johnson over UK Government's back to work plea, Brexit, Frexit, Italexit - the EU house of cards is about to come down. Europe's unemployment rate has been climbing for months and things are expected to get worse. FRANKFURT, Germany (AP) — Unemployment rose for a fifth straight month in Europe in August and is expected to grow further amid concern that extensive government support programs won't be able keep many businesses hit by coronavirus restrictions afloat forever. Download the entire news release (graphs and tables included PDF) 09/06/2020 - The OECD unemployment rate increased by an unprecedented 2.9 percentage points in April 2020 to 8.4%, compared to 5.5% in March, reflecting the impact of Covid-19 containment measures. In the region's largest economy, Germany, some 3.7 million people are still on furlough support programs. All rights reserved. The number of people out of work rose by 251,000 during the month to 13.2 million. order back issues and use the historic Daily Express In the euro area, the unemployment rate for women increased from 8.3 % in July 2020 to 8.4 % in August 2020 while it increased from 7.8 % to 7.9 % for men. Youth unemployment. Editorial: Richmond voters should end labor unions’ grip on the city Greek actor and theater director Aris Laskos hasn’t worked since early February. The number of Americans seeking unemployment benefits declined last week to a still-high 837,000, indicating companies are still cutting jobs despite the tentative recovery that began after states started reopening. © 2020 CNBC LLC. We have no insurance, and we cannot enter the unemployment system… Everything else is running: planes, ferries, restaurants, but not us.”. The European Central Bank is injecting 1.35 trillion euro ($1.57 trillion) into the economy. When it reopened, only a few of the staff were kept on, under tougher conditions, and the others were left out of work. “We are left without any money after paying rent, water, energy and then we are suffering for those thirty days until the next 28th of the month or so.”. The corresponding figure for the UK was 0.7 percent and within the EU, only Luxembourg and Malta posted smaller falls.". While Europe’s unemployment rate is still modest compared with the spike seen in many other countries, economists predict it could hit double digits in coming months as wage support programs expire. “It’s an overdose of stress because we haven’t a penny in our pockets,” says Silva. European governments have approved trillions of euros to help businesses, setting up or bolstering programs to keep workers on payrolls. The program pays over 70% of the salaries for workers put on short hours or no hours. For the wider European Union, the unemployment rate hit 6.6% in April 2020, up from 6.4% in March 2020.
Newsy © 2020Newsy is an E.W. The highest unemployment rates were observed in Spain, ... 1st October 2020. The jobless rate increased to 8.1% in the 19 countries that use the euro currency, from 8.0% in July, official statistics showed Thursday. The U.S., which has less in the way of labor market support programs, saw unemployment spike as high as 14.7% in May, followed by a steep fall as businesses and states reopened. Companies in the hardest hit industries such as tourism, travel and restaurants expect a long period of weak business and are laying off workers. Companies in the hardest hit industries such as tourism, travel and restaurants expect a long period of weak business and are laying off workers. State (51) Unemployment rate Employment rate Date Armenia: 16.6% 50.1% (2017) Albania: 17.5% : 50.2% (2017) 2015 Andorra: 3.7% - 2016 Austria: 4.5% : 76.8% (2019) March 2020 According to the European statistics office, the number means that 12.146 million people in the euro area were unemployed in May. Governments have deployed large-scale tax breaks and payroll support measures that will swell deficits but have helped cushion some of the worst effects of the pandemic but economies are not expected to reach pre-virus levels until 2022 at the earliest.
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