Eurozone in recession – unemployment hits new high

April 2, 2012 05:00


“It looks odds-on that eurozone GDP contracted again in the first quarter of 2012, thereby moving into recession,” said Howard Archer, chief European economist at IHS Global Insight. – BBC News

 

From BBC News:

Excerpts:

Unemployment across countries that use the euro edged higher in February to 10.8%.

That’s up from 10.7% in January and the highest level since the introduction of the single currency in 1999. Spain has the highest rate of 23.6%.

Meanwhile, a separate report confirmed that manufacturing activity in Europe shrank in February.

It is the eighth month in a row that the Purchasing Manager’s Index has been below 50, which indicates contraction.

 

BBC News



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