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- Euro-Zone employment falls in 4Q to lowest level in nearly 7 years
Euro-Zone employment falls in 4Q to lowest level in nearly 7 years
The number
of people holding down jobs in the euro zone fell to its lowest level in nearly
seven years in the final three months of 2012, official figures showed
Thursday, a stark illustration of the economic and social price of the bloc's
fiscal crisis.
Employment
in the 17 countries that use the euro fell 0.3% in the fourth quarter from the
third, to 145.7 million in seasonally adjusted terms, the European Union's
statistics agency Eurostat said.
That is the
lowest number since the first quarter of 2006.
Euro-zone
employment peaked at 150.4 million in the first quarter of 2008, Eurostat said,
a few months before the financial crisis reached its worst point with the
collapse of
The
fourth-quarter figures compare with an employment total of 146.8 million in the
corresponding period of 2011, meaning more than a million people in the
currency bloc have lost their job in the past year.
Rising
numbers of jobless people have raised the pressure on euro-zone leaders seeking
to cut borrowing levels in a bid to end the fiscal crisis. Elections in
Eurostat's
figures showed employment fell sharply in the highly indebted countries most
deeply affected by the crisis. The number of people with jobs fell 2%
quarter-on-quarter in
By
contrast, employment rose 0.1% in
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