Spot the problem

31 May 2013 By Edward Hadas

The unemployment rate is up to 12.2 percent in the ageing and fully developed single currency zone. A return to GDP growth would create jobs, but where will that growth come from? Additional jobs, basically. Sadly, effective labour reform is still in short supply.

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The euro zone seasonally adjusted unemployment rate was 12.2 percent in April 2013, up from 12.1 percent in March, Eurostat said on May 31. In April 2012, the rate was 11.2 percent. The lowest rates among member states were Austria’s 4.9 percent and Germany’s 5.4 percent. The highest rates were in Greece, Spain and Portugal, at 27.0, 26.8 and 17.8 percent respectively.
The youth unemployment rate in the euro zone 24.4 percent, up from 22.6 in March. The rates ranged from 7.5 percent in Germany to 62.5 percent in Greece.

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