ILO: European Austerity Sending Zone's Unemployment Rate to 14%
Eurozone Recession Could Last 4 More Years: ILO
The International Labor Organisation came out today warning that Eurozone unemployment is set to rise by for or five million over the next four years across the 17 countries which use the euro, barring a sound reversal of the current austerity run amok.
If this does happen, 2017 would merely mark the year when jobs stopped being cut in earnest, but still leaving unemployment sky-high, making for a very deep whole to climb out of. The entire span of 2008 to possibly as far out as the mid 2020s in the Eurozone would be spent in recessionary conditions.
The Guardian
Eurozone unemployment could soar by 4.5m unless austerity is reversed - ILO
Study says eurozone unemployment could reach 22 million by 2016 unless policies 'change course in concerted manner'
Unemployment across the eurozone could soar by 4.5 million over the next four years unless governments reverse austerity measures that are pushing their economies into recession, according to a report by the International Labour Organisation...
The study said that without a shift in policy direction "all countries in the eurozone - both those currently under stress and their healthier counterparts - will suffer".
The warning comes as Spain embarks on a renewed austerity drive that the prime minister, Mariano Rajoy, said would lead to €65bn (£51bn) of public spending cuts and tax rises over the next two and a half years.
Unemployment is expected to soar as public sector workers are made redundant and rising prices from higher VAT rates eat into consumer spending.
Youth unemployment is already more than 50% in Spain, exceeded only by Greece. The eurozone average for unemployment affecting the under-25s is 22%.
But, as the ILO pointed out, the situation is much worse when figures include workers unable to find work but not claiming benefits.
More than a third of working-age people in the eurozone are either unemployed or excluded from the labour market, it said. Long-term unemployment is also on the rise.
The ILO director-general, Juan Somavia, said the spillover effects of the euro crisis jeopardised jobs across the world...
Unemployment has risen in more than half of the region's 17 countries since 2010. Jobs losses have been especially acute in southern Europe, but even Austria, Belgium, Germany, Luxembourg and Malta - the only countries where employment has risen since 2008 - are seeing signs that the labour market situation may no longer be improving, according to the report...
"In short, all evidence points to the risk of a prolonged labour market recession, threatening the sustainability of the single currency. At the same time, the jobs situation is feeding social unrest and eroding confidence in banks and the financial system, national governments and European institutions."
The International Labor Organisation came out today warning that Eurozone unemployment is set to rise by for or five million over the next four years across the 17 countries which use the euro, barring a sound reversal of the current austerity run amok.
If this does happen, 2017 would merely mark the year when jobs stopped being cut in earnest, but still leaving unemployment sky-high, making for a very deep whole to climb out of. The entire span of 2008 to possibly as far out as the mid 2020s in the Eurozone would be spent in recessionary conditions.
The Guardian
Eurozone unemployment could soar by 4.5m unless austerity is reversed - ILO
Study says eurozone unemployment could reach 22 million by 2016 unless policies 'change course in concerted manner'
Unemployment across the eurozone could soar by 4.5 million over the next four years unless governments reverse austerity measures that are pushing their economies into recession, according to a report by the International Labour Organisation...
The study said that without a shift in policy direction "all countries in the eurozone - both those currently under stress and their healthier counterparts - will suffer".
The warning comes as Spain embarks on a renewed austerity drive that the prime minister, Mariano Rajoy, said would lead to €65bn (£51bn) of public spending cuts and tax rises over the next two and a half years.
Unemployment is expected to soar as public sector workers are made redundant and rising prices from higher VAT rates eat into consumer spending.
Youth unemployment is already more than 50% in Spain, exceeded only by Greece. The eurozone average for unemployment affecting the under-25s is 22%.
But, as the ILO pointed out, the situation is much worse when figures include workers unable to find work but not claiming benefits.
More than a third of working-age people in the eurozone are either unemployed or excluded from the labour market, it said. Long-term unemployment is also on the rise.
The ILO director-general, Juan Somavia, said the spillover effects of the euro crisis jeopardised jobs across the world...
Unemployment has risen in more than half of the region's 17 countries since 2010. Jobs losses have been especially acute in southern Europe, but even Austria, Belgium, Germany, Luxembourg and Malta - the only countries where employment has risen since 2008 - are seeing signs that the labour market situation may no longer be improving, according to the report...
"In short, all evidence points to the risk of a prolonged labour market recession, threatening the sustainability of the single currency. At the same time, the jobs situation is feeding social unrest and eroding confidence in banks and the financial system, national governments and European institutions."