Eurozone's unemployment may worsen
Unemployment is at a 10-year high in the Eurozone. And many economists expect things to get worse. Stephen Beard reports.
Dockworkers that didn't get hired for the next shift get a stamp entitling them to receive unemployment pay from the government at the port in Antwerp, Belgium. (Mark Renders/Getty Images)
More on Jobs, International, Europe
TEXT OF STORY
Steve Chiotakis: At 9.5 percent, the U.S. and the Eurozone unemployment rates are exactly the same. In this country, it's a 26-year high. On the continent, it's the worst in a decade. The latest on their report from our man in London, Stephen Beard.
STEPHEN BEARD: These figures are bad enough, but many economists expect them to get much worse. That's due to what's happening in the Eurozone's largest economy -- Germany. So far the worst effects of the deep recession there have been cushioned. Rather than lay off large numbers of staff, German exporting companies have kept them on working a shorter week -- often with government subsidy. But says Simon Tillford of the Centre for European Reform that's unlikely to last.
SIMON TILLFORD: We're not going to see a rapid bounce back in world trade and in German exports. Hence German companies are going to start laying off workers in large numbers over the next six months.
And that he says will drag the Eurozone unemployment rate much higher. He expects it to hit more than 11 percent by the end of next year.
In London this is Stephen Beard for Marketplace.
Comments
Comment | Refresh
Post a Comment: Please be civil, brief and relevant.
Email addresses are never displayed, but they are required to confirm your comments. All comments are moderated. Marketplace reserves the right to edit any comments on this site and to read them on the air if they are extra-interesting. Please read the Comment Guidelines before posting.
You must be 13 or over to submit information to American Public Media. The information entered into this form will not be used to send unsolicited email and will not be sold to a third party. For more information see Terms and Conditions and Privacy Policy.