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| Unemployment Hits Record High in Euro Zone | |
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| BRUSSELS — Unemployment in the 17 European Union countries that use the euro hit another record high in April, official figures showed Friday, the latest in a series of low points for the economically ailing single-currency zone. | BRUSSELS — Unemployment in the 17 European Union countries that use the euro hit another record high in April, official figures showed Friday, the latest in a series of low points for the economically ailing single-currency zone. |
| Eurostat, the bloc’s statistics office, said unemployment rose to 12.2 percent in April from the previous record of 12.1 percent the month before. Another 95,000 people lost their jobs, taking the total of unemployed workers to 19.38 million. At this pace, unemployment in the euro area could breach the 20 million mark this year. | Eurostat, the bloc’s statistics office, said unemployment rose to 12.2 percent in April from the previous record of 12.1 percent the month before. Another 95,000 people lost their jobs, taking the total of unemployed workers to 19.38 million. At this pace, unemployment in the euro area could breach the 20 million mark this year. |
| The figures once again mask big disparities among countries. While more than one in four people are unemployed in Greece and Spain, Germany’s jobless rate is stable at 5.4 percent. | The figures once again mask big disparities among countries. While more than one in four people are unemployed in Greece and Spain, Germany’s jobless rate is stable at 5.4 percent. |
| The differences reflect the varying performances of the euro economies. Greece, for example, is in its sixth year of a savage recession. Germany’s economy has until recently been growing at a healthy pace. | The differences reflect the varying performances of the euro economies. Greece, for example, is in its sixth year of a savage recession. Germany’s economy has until recently been growing at a healthy pace. |
| As a whole, the euro area is in its longest recession since the single currency was introduced in 1999. The six quarters of economic decline is longer even than the recession that followed the financial crisis of 2008, though it is not as deep. | As a whole, the euro area is in its longest recession since the single currency was introduced in 1999. The six quarters of economic decline is longer even than the recession that followed the financial crisis of 2008, though it is not as deep. |
| Part of the cause, economists say, has been European governments’ focus on cutting debt by raising taxes and slashing spending programs. | Part of the cause, economists say, has been European governments’ focus on cutting debt by raising taxes and slashing spending programs. |
| The European Central Bank sought to make life easier for Europe’s hard-pressed businesses and consumers by cutting its main interest rate to a record low 0.5 percent earlier this month. | The European Central Bank sought to make life easier for Europe’s hard-pressed businesses and consumers by cutting its main interest rate to a record low 0.5 percent earlier this month. |
| Another cut is possible, economists say, even though the inflation rate still stands below the central bank’s target of just below 2 percent. Still, the central bank is more likely to take measures to increase lending to small and medium-sized businesses, which are among the most important job creators. | Another cut is possible, economists say, even though the inflation rate still stands below the central bank’s target of just below 2 percent. Still, the central bank is more likely to take measures to increase lending to small and medium-sized businesses, which are among the most important job creators. |
| Eurostat also said Friday that inflation in the euro area rose to 1.4 percent in the 12 months through May from 1.2 percent the previous month. It blamed rising prices for food, alcohol and tobacco for the increase. | Eurostat also said Friday that inflation in the euro area rose to 1.4 percent in the 12 months through May from 1.2 percent the previous month. It blamed rising prices for food, alcohol and tobacco for the increase. |