Unemployment in Eurozone rises to record high 11.1 percent
In May, the unemployment rate in the eurozone’s 17 nations rose to a record 11.1 percent, the highest level since the euro launched as a common currency in 1999. Unemployment remained at a steady rate at 10.3 percent in the broader 27 nations that make up the European Union, according to the statistical office of the European Union, Eurostat, on Monday.
Nearly 25 million people in the EU in May were unemployed. Spain is the home to 5.7 million unemployed workers, with 24.6 percent, the highest in the region. According to Markit’s Purchasing Managers’ Index (PMI), manufacturing activity has been contracting for 11 straight months. The PMI was at its lowest reading since 2009 with 45.4 in the second quarter. Any reading below 50 warns contraction in the sector. Chief Economist at Markit Chris Williamson said, “Companies are clearly preparing for worse to come, cutting back on both staff numbers and stocks of raw materials at the fastest rates for two-and-a-half years.”