3 hrs ago [AFP] BRUSSELS — Unemployment in eurozone countries hit a 10-year high in July as the lagging effects
of Europe's deepest post-war recession
hit all 27 EU member states, official data showed Tuesday.
Analysts warned too of a further deterioration
in the labour market despite other economic indicators being broadly positive.
They said higher stock markets and stabilising property prices are little comfort to the millions out of work who face more suffering in what could be a jobless recovery
The key 'exit strategy' question for political leaders is whether rising unemployment will put the brakes on recovery just as the massive stimulus programmes adopted to cope with the crisis have to be scaled down.
In the 16 nations using the single currency, 15.09 million people were unemployed in July -- the seasonally-adjusted rate of 9.5 percent
marking a watershed last seen in May 1999, the European Union's Eurostat agency said.
Compared with June, that meant a rise of 167,000 in the unemployed across the eurozone -- and 225,000 across the EU as a whole.
The figures for the full EU bloc were 9.0 percent, estimated at 21.794 million people out of work, the highest rate since May 2005.
unemployment rates were recorded in Spain
, at 18.5 percent
after its economy was further battered by a massive slump in its once-powerful construction sector while the Baltic nations of Latvia and Lithuania were almost as bad. ....