Justice minister, DGA chief discuss partnership to boost digital judicial services    Netanyahu does not rule out further strikes on Hamas leaders    US farmers are being squeezed – and it's testing their deep loyalty to Trump    Romania condemns 'irresponsible' Moscow after Russian drone breaches its airspace    Kirk's assassination is forcing US politicians to make difficult choices about their safety    India players refused handshakes, says Pakistan coach    Final stage of Spanish Vuelta cycling race abandoned after disruption by pro-Palestine protesters    Mané fires Al Nassr past Al Kholood to keep perfect start as Ronaldo honored    Lacazette brace earns NEOM SC first Saudi Pro League win    Adolescence star Owen Cooper makes Emmys history at 15    Saudi liquidity grows 8.4%, reaching SR3.1 trillion in July 2025    Over 434,000 people acquire first aid skills during nationwide health campaign    Saudi Arabia's legislative advancement highlighted at International Conference on Judicial Training    Sudden swerving among 3 major causes of accidents in Riyadh in 2024    Princess Haifa emphasizes pivotal Saudi role in shaping future of tourism    Sahm Capital names Saudi Olympian Fayik Abdi as brand ambassador    SR9000 fine for copyright infringement using AI    King Charles and Prince Harry finally reunite after 19 months apart    Anastacia: Arnold Schwarzenegger made me sing Whatta Man 12 times    Thousands pay their last respects to Giorgio Armani, private funeral on Monday    The key to happiness    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Euro zone jobless at 10-year high
Published in The Saudi Gazette on 01 - 08 - 2009

Euro zone unemployment rose to a 10-year high of 9.4 percent in June, though the level was less than expected, while July inflation moved much further into negative territory than forecast, data showed on Friday.
The jobless rate in the 16-country euro zone edged up from May's downwardly revised 9.3 percent as 158,000 people lost their jobs, European Union statistics office Eurostat said.
With the preliminary reading of May unemployment at 9.5 percent, economists had expected June's figure to be 9.7 percent. Still, the number was the highest since June 1999.
Eurostat said separately that consumer prices in the euro zone dropped 0.6 percent year-on-year in July, the second month of negative inflation since the creation of the currency area in 1999. In June, inflation was -0.1 percent.
Analysts had expected July inflation to be -0.4 percent as energy and food were more expensive a year ago and the economic crisis has eroded firms' pricing power.
Eurostat gave no monthly figure or a more detailed breakdown, which will be published in mid-August.
The lower-than-expected unemployment coupled with a significant fall in prices could mean more purchasing power for consumers -- welcome news for efforts to fight the worst economic crisis since World War Two.
Negative inflation could bolster the European Central Bank's resolve to fight recession with unconventional monetary easing.
The ECB wants annual price gains to be just below 2 percent over the medium term and to avoid deflation, which it defines as a prolonged and widespread decline in prices coupled with consumers' expectations of further falls.
The ECB has said consumer prices were likely to fall for a few months in mid-year because of comparison effects with record high oil and food costs a year before, but that price growth would resume later.
The depth of recession was underlined by Eurostat's calculation that 3.17 million people in the euro zone had lost their job since June 2008, when the unemployment rate was 7.5 percent.
The euro zone's economy shrank 2.5 percent quarter-on-quarter in the first three months of 2009, with a smaller contraction expected in subsequent quarters and a modest revival in 2010.
Eurostat said that since June 2008, the smallest increases in unemployment were registered in Germany, from 7.3 percent to 7.7 percent, and the Netherlands, from 2.7 percent to 3.3 percent.
In Spain, hit by the collapse of the construction sector, the jobless rate soared to 18.1 percent, the highest in the euro zone, from 11 percent over the period.
In the wider, 27-nation European Union, the unemployment rate was 8.9 percent in June, up from 8.8 percent in May and 6.9 percent a year earlier.
Since June 2008, more than 5 million people had lost their job in that bloc, highlighting a severe crisis in non-euro countries such as the Baltic republics and Hungary.


Clic here to read the story from its source.