Eurozone in recession – unemployment hits new high
“It looks odds-on that eurozone GDP contracted again in the first quarter of 2012, thereby moving into recession,” said Howard Archer, chief European economist at IHS Global Insight. – BBC News
From BBC News:
Excerpts:
Unemployment across countries that use the euro edged higher in February to 10.8%.
That’s up from 10.7% in January and the highest level since the introduction of the single currency in 1999. Spain has the highest rate of 23.6%.
Meanwhile, a separate report confirmed that manufacturing activity in Europe shrank in February.
It is the eighth month in a row that the Purchasing Manager’s Index has been below 50, which indicates contraction.
BBC News
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