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| Eurozone jobless rate hits record high of 12% | Eurozone jobless rate hits record high of 12% |
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| The eurozone jobless rate soared to a record 12% in February, piling pressure on Brussels to deploy policies to generate growth and employment. | The eurozone jobless rate soared to a record 12% in February, piling pressure on Brussels to deploy policies to generate growth and employment. |
| Figures from the European statistics office Eurostat showed that the overall unemployment rate in the 17-member currency union has risen steeply since February last year, when the rate was 10.9%. | Figures from the European statistics office Eurostat showed that the overall unemployment rate in the 17-member currency union has risen steeply since February last year, when the rate was 10.9%. |
| Across the EU as a whole, there are now 26.3m people out of work, pushing the jobless rate to 10.9%, up from 10.2% in the same month last year. | Across the EU as a whole, there are now 26.3m people out of work, pushing the jobless rate to 10.9%, up from 10.2% in the same month last year. |
| The UK, which had until recently succeeded in cutting unemployment, joined a list of 19 EU member states that suffered a rise in February. Only eight countries experienced a fall in unemployment. | The UK, which had until recently succeeded in cutting unemployment, joined a list of 19 EU member states that suffered a rise in February. Only eight countries experienced a fall in unemployment. |
| The European commission has put forward plans to boost training and apprenticeships for young unemployed people, but has come under increasing criticism for acting too slowly. | The European commission has put forward plans to boost training and apprenticeships for young unemployed people, but has come under increasing criticism for acting too slowly. |
| Analysts have also argued that austerity policies imposed by Brussels and the European Central Bank (ECB) to bring government budget deficits below 3% have harmed growth and proved counterproductive. | Analysts have also argued that austerity policies imposed by Brussels and the European Central Bank (ECB) to bring government budget deficits below 3% have harmed growth and proved counterproductive. |
| Despite operating against a backdrop of rising unemployment and falling inflation, the ECB president, Mario Draghi, has so far resisted easing monetary policy in a similar vein to the Bank of England and US Federal Reserve, which have pumped vast sums into their respective economies under the policy of quantitative easing (QE). | Despite operating against a backdrop of rising unemployment and falling inflation, the ECB president, Mario Draghi, has so far resisted easing monetary policy in a similar vein to the Bank of England and US Federal Reserve, which have pumped vast sums into their respective economies under the policy of quantitative easing (QE). |
| The ECB meets on Thursday to consider cutting interest rates to boost growth, but it is expected to maintain the current 0.75% base rate and reject pleas to adopt QE. | |
| Andrea Broughton, principal research fellow at the Institute for Employment Studies, said Brussels risked creating a lost generation of young people who have left school of college only to join the dole queue. | Andrea Broughton, principal research fellow at the Institute for Employment Studies, said Brussels risked creating a lost generation of young people who have left school of college only to join the dole queue. |
| She said: "Youth unemployment remains the EU's biggest employment-related headache, and shows no signs of abating, with an average rate for the under-25s of 23.5% in the 27 EU member states. In Greece, the youth unemployment rate is nearing 60% – a rate of 58.4% was recorded in December 2012. In Spain, the youth unemployment figure is 55.7%." | |
| Brussels launched a youth guarantee earlier this year that urged member states to ensure all young people receive an offer of work, continued education, an apprenticeship or a traineeship within four months of leaving formal education or becoming unemployed. | Brussels launched a youth guarantee earlier this year that urged member states to ensure all young people receive an offer of work, continued education, an apprenticeship or a traineeship within four months of leaving formal education or becoming unemployed. |
| Broughton, however, said that while the initiaitve was supported by EU funds, it was unlikely to have a major impact on the overall figures. | Broughton, however, said that while the initiaitve was supported by EU funds, it was unlikely to have a major impact on the overall figures. |
| "The EU is aware that urgent action is required to avoid the creation of a lost generation of young people who have been denied access to work. While this is a laudable initiative, based on concrete EU funding, it is unlikely to make any significant inroads into the youth unemployment figures for some time," she said. | "The EU is aware that urgent action is required to avoid the creation of a lost generation of young people who have been denied access to work. While this is a laudable initiative, based on concrete EU funding, it is unlikely to make any significant inroads into the youth unemployment figures for some time," she said. |
| The country with the lowest unemployment was Austria, according to Eurostat, with an unemployment rate of 4.8%. Germany's rate was 5.4% and Luxembourg's 5.5%. In sharp contrast, unemployment in Greece stands at 26.2%, Spain 26.3%, and Portugal 17.5%. | The country with the lowest unemployment was Austria, according to Eurostat, with an unemployment rate of 4.8%. Germany's rate was 5.4% and Luxembourg's 5.5%. In sharp contrast, unemployment in Greece stands at 26.2%, Spain 26.3%, and Portugal 17.5%. |