| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 European
 International
 
 Analysis/Comment

RSS FEED


How to use our RSS feed

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax 2008

Climate Change Reports

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : European Last Updated: Jul 3, 2009 - 6:14:54 AM


Eurozone unemployment rate rose to 9.5% in May 2009 -highest rate since 1999; Netherlands at 3.2%; Denmark at 5.7%; Ireland 12%; Spain highest at 18.7%
By Finfacts Team
Jul 2, 2009 - 2:05:33 PM

Email this article
 Printer friendly page

The Eurozone (EA16) seasonally-adjusted unemployment rate was 9.5% in May 2009, compared with 9.3% in April. It was 7.4% in May 2008. The EU27 unemployment rate was 8.9% in May 2009, compared with 8.7% in April. It was 6.8% in May 2008. For the Eurozone this is the highest rate since May 1999 and for the EU27 since June 2005 according to Eurostat, the statistics office of the EU.

Eurostat estimates that 21.462 million men and women in the EU27, of which 15.013 million were in the Eurozone, were unemployed in May 2009. Compared with April, the number of persons unemployed increased by 385 000 in the EU27 and by 273 000 in the Eurozone. Compared with May 2008, unemployment went up by 5.111 million in the EU27 and by 3.400 million in the Eurozone.

The Financial Times reported this week that In Germany, 1.25 million were on short-time working in March against 3.45 million unemployed. About a third less time is being worked, so authorities reckon that without short-time the unemployment figure would be close to 4m; 200,000 workers were on a similar scheme in France in the first quarter compared with 3.7 million unemployed.

Employers in the UK, for one, say something fundamental has changed. "There has been a remarkable solidarity of employers and their employees during this recession in taking difficult decisions," says John Cridland of the CBI employers' group. A CBI survey showed nearly two-thirds of employers were introducing changes such as flexible working hours, extended shutdowns, extra holidays or cuts in paid overtime - in addition to widespread pay freezes - - as they struggle to retain skilled employees they will need in an upturn.

Among the EU Member States, the lowest unemployment rates were recorded in the Netherlands (3.2%), Austria (4.3%) and Denmark 5.7% and the highest rates in Spain (18.7%), Latvia (16.3%) and Estonia (15.6%).

Ireland's rate was 12% in May.

Compared with a year ago, all Member States recorded an increase in their unemployment rate. The lowest increases were observed in Germany (7.4% to 7.7%) and the Netherlands (2.8% to 3.2%). The highest increases were registered in Estonia (3.9% to 15.6%), Latvia (6.1% to 16.3%) and Lithuania (4.7% to 14.3%).

Between May 2008 and May 2009, the unemployment rate for males rose from 6.7% to 9.3% in the Eurozone and from 6.4% to 8.9% in the EU27. The female unemployment rate increased from 8.2% to 9.7% in the Eurozone and from 7.4% to 8.9% in the EU27.

In May 2009, the youth unemployment rate (under-25s) was 19.6% in the Eurozone and 19.5% in the EU27. In May 2008 it was 15.0% in both zones. The lowest rate was observed in the Netherlands (6.6%), and the highest rates in Spain (36.9%) and Latvia (28.2% in the first quarter of 2009).

In May 2009, the unemployment rate was 9.4% in the USA and 5.2% in Japan.

The Eurozone (EA16) consists of Belgium, Germany, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

The EU27 includes Belgium (BE), Bulgaria (BG), the Czech Republic (CZ), Denmark (DK), Germany (DE), Estonia (EE), Ireland (IE), Greece (EL), Spain (ES), France (FR), Italy (IT), Cyprus (CY), Latvia (LV), Lithuania (LT), Luxembourg (LU), Hungary (HU), Malta (MT), the Netherlands (NL), Austria (AT), Poland (PL), Portugal (PT), Romania (RO), Slovenia (SI), Slovakia (SK), Finland (FI), Sweden (SE) and the United Kingdom (UK).

Tables

Related Articles


© Copyright 2009 by Finfacts.com

Top of Page

European
Latest Headlines
Ireland in group of innovation followers with above average performance according to 2009 European Innovation Scoreboard
IMF's Strauss-Kahn says closer cooperation needed in Europe; Commission warns Eurozone’s four biggest countries and Ireland growth forecasts too optimistic
German investor confidence was stable in March; Eonomic analysts expect the economy to slowly recover in coming months
Eurozone annual inflation down to 0.9% in February; EU27 down to 1.4%
European car sales rose in February despite a post-scrappage scheme plunge in Germany
Eurozone finance ministers agree on how support package for Greece would be provided if the need quickly arises
Employment in the Eurozone fell a record 2.7 million in 2009; One in three unemployed persons in the EU27 have been jobless for over a year
Eurozone finance ministers meet to discuss Greece; French Economy Minister urges Germany to cut trade surplus and boost demand
Eurozone industrial production surged in January; December was revised up; Chemical sector boosted Irish production by 15.3% in month
German housing completions in 2009 fell to lowest level in at least 50 years
German manufacturing sector turnover and industrial output grew in January despite the severe weather
Merkel backs EMF fund proposal for Eurozone
Private sector activity in Northern Ireland fell at the fastest rate in ten months in February
Germany gives crucial backing for the creation of a "European Monetary Fund" that would act like the IMF in supporting Eurozone countries
Entrepreneurship in Germany: what should be learned from Silicon Valley?
Trichet says ECB will continue to provide liquidity to Eurozone banks at "very favorable conditions"
European Central Bank keeps benchmark rate at 1%; Bank of England kept its key rate at 0.5% - - the lowest since 1694
House prices in Europe remain above long-term average; Further price declines likely in Spain, Ireland, the Netherlands, Italy and France
Greece announces €4.8bn austerity plan
Recovery in Eurozone service sector remained fragile in February