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Subject: Eurozone unemployment rises Date: 3/1/2013 2:10 PM
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Euro Zone Unemployment Rises to Record
New York Times: March 1, 2013

PARIS — The unemployment rate in the euro zone edged up in January to a new record, 11.9 percent, official data showed Friday, as the ailing European economy continued to weigh on the job market.

That, and new data showing a decline in inflation in the euro zone, could prompt the European Central Bank to take steps to stimulate the economy when its Governing Council meets this week, analysts said. ...
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Different European countries have dramatically different unemployment rates. Austria, at just 4.9 percent, had the lowest rate, while Greece had was 27 percent. Language and cultural differences inhibit labor force migration and equilibration.

That compares with a January unemployment rate of 7.9 percent in the United States. In Japan, 4.2 percent of the work force was counted as unemployed in December.

If the European Central Bank lowers interest rates, the euro will fall against the USD.


This trend, which began a month ago, would make U.S. exports less competitive in Europe, potentially affecting the profits of exporters.

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