The Economy

Eurozone Unemployment Rate Climbing

Nov. 3, 2008

EU predicting 8.4% rate in 2009

Unemployment is set to return as a major headache in Europe, with the European Commission forecasting on Nov. 3 that the eurozone jobless rate will rise by more than one percentage point by 2010.

In the face of extremely weak economic growth, unemployment would rise from 7.6% of the workforce this year to 8.4% in 2009 and to 8.7% in 2010, the commission forecast.

Long the bane of European politicians, unemployment had been gradually falling in recent years but began creeping higher in April from a record low of 7.2% in March.

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