Unemployment rose to 12.1% in March, a record high for the Euro Zone. They have been rising in the percentage of unemployed people for years now and it is starting to hit hard with the economic collapse of Greece. The rate is 1% higher than it was a year ago and the central banks have lowered their interest rates also to a record low. The unemployment rate in the European Union was not changed in March, it remained at 10.9% with 32.2 million people total out of work. These are record highs for the Euro Zone and the European Union, by comparison the US unemployment rate was at 7.6% in March. A decline in energy prices helped push inflation rates lower, probably a consequence of the low job rate. Germany and Austria have the two lowest unemployment rates, 5.4 and 4.7%, but Greece and Spain have two of the highest, 27.2 and 26.7%. If unemployment continues to rise in these areas, the economic system may collapse.
http://www.nytimes.com/2013/05/01/business/global/european-unemployment-sets-another-record.html?ref=world&_r=0
By: Adam Sehr
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