Friday, December 7, 2012

Global Impact: Spain, Greece and Portugal Still Facing Double-Digit Unemployment

According to Eurostat, the EU's statistical agency, the 17-nation eurozone shrank 0.1% percent in the July-September period after a decline of 0.2% in the second quarter. Two consecutive quarters of contraction is the official definition of recession.

The unemployment rate for the countries that use the euro inched up in October to a record-high 11.7%, although Spanish unemployment rose from 25.8% in September to 26.2%, the highest rate in the EU, followed by Greece, 25.4%; and Portugal, 16.3%.