Europe's Unemployment Climbs As Business Activity Slows

Wednesday, October 31, 2012 19:39
Europe's Unemployment Climbs As Business Activity Slows

Tags: European crisis | European zone | world economy

Europe unemployment rose again, this time to 11.6% from 11.5 and setting another record in September. The August number was revised upward from 11.4% to 11.5%. The September number showed 146,000 more people were classified as unemployed.

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As well, the Eurozone economy is expected to have contracted again for the third quarter after a .2% contraction in the quarter ending in June.
Finance ministers are gathering to meet on a number of issues including Greece’s unwieldy effort to bring its finances under control and the increasing likelihood that Spain will have to ask for a bailout.
On Wednesday, Greece’s government projected its debt would grow to 189.1% of gross domestic product next year.
The gloomy scenario was made worse by a projection from the European Central Bank that credit demand from businesses was shrinking.
Lower demand for loans means that the tighter lending atmosphere has cooled business activity, making businesses less eager to take on new obligations.

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