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Eurozone unemployment rises to near 10-year high
EUROZONE unemployment rose to 9.2 per cent in April, its highest in almost a decade years, data showed yesterday.
In April, 396,000 people in the Eurozone lost their jobs – more than analysts had forecast. ING economist Martin van Vliet said leading labour market indicators – such as surveys of hiring intentions – show further losses ahead and the Eurozone jobless rate could climb to 12 per cent.
There was also gloom across the channel in the UK, after official data showed that the amount of borrowing by companies and households fell in April by 0.1 per cent – the biggest drop since records began in 1997.
This indicates a net repayment of debts, in a further sign that companies and individuals are hoarding cash instead of borrowing.