Euro Zone Unemployment Rises To 10.8%
- Written by: John Galt
- Published in Economics
Reuters.com | Joblessness in the 17-nation currency zone rose to 10.8 percent - in line with a Reuters poll of economists - and 0.1 points worse than in January, Eurostat said on Monday.
Economists are divided over the wisdom of European governments' drive to bring down fiscal deficits so aggressively as economic troubles hit tax revenues, consumers' spending power and business confidence which collapsed late last year.
February's unemployment level - last hit in June 1997 - marked the 10th straight monthly rise and contrasts sharply with the United States where the economy has been adding jobs since late last year.