Sabtu, 02 Juni 2012

Jobs crisis rocks recovery on both sides of the Atlantic

Jobs crisis rocks recovery on both sides of the Atlantic

By Hugo Duncan

PUBLISHED: 16:04 EST, 1 June 2012 | UPDATED: 16:19 EST, 1 June 2012

The jobs crisis in the West deepened yesterday as unemployment rose in the United States and Europe.

Official figures in Washington showed the workless rate in America â€" the world’s biggest economy â€" rose from 8.1 per cent in April to 8.2 per cent in May.

Data from Brussels showed unemployment in the eurozone hit a record high of 17.4million in April, or 11 per cent of the working population, the highest level since records began in 1995.

On the dole: Unemployment in the eurozone hit a record high of 11 per cent of the working population

On the dole: Unemployment in the eurozone hit a record high of 11 per cent of the working population

In the 27-strong European Union, which includes countries outside the 17-strong single currency bloc, the jobless rate is 10.3 per cent.

Unemployment was highest in Spain, at 24.3 per cent. In Britain it is 8.2 per cent â€" on a par with the US.

‘The rise in unemployment now being seen in many countries is a clear indication that the global economic recovery is faltering and that the world is still suffering from a worrying lack of demand and activity,’ said Jonathan Loynes of Capital Economics.

US firms created just 69,000 jobs last month â€" the fewest since May last year and well below the 150,000 expected by analysts.

The private sector workforce increased by 82,000 while the number of people working in the public sector fell by 13,000.

The so-called ‘non-farm payrolls’ figures also showed that 49,000 fewer jobs than previously thought were created in March and April. The disappointing report piled pressure on Barack Obama ahead of the presidential elections in November.  There are still 5m fewer Americans in work than there were at the end of 2007 when the economy fell into recession. Unemployment has been falling in the US in recent months â€" but it continues to rise in Europe as the devastating debt crisis hammers business.

‘This 11 per cent level is going to continue edging up in the coming months and probably until the end of the year,’ said Francois Cabau, an economist at Barclays Capital. ING economist Martin van Vliet said the jobless rate will rise slightly above 11.5 per cent in the economy starts to recover later this year. But if the downturn worsens, he said ‘the risk is for an even higher peak in unemployment’.

More than 3.35million youngsters were out of work in the eurozone in April, or 22.2 per cent.

Youth unemployment was highest in Greece at 52.7 per cent and Spain at 51.5 per cent.

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The true rate of unemployment in the USA according to 'shadowstats' is 22% probably the same here if the figures were calculated the same as they were in 1980 the same goes for our inflation figures.

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Why the surprise ? Gov policy is to make it more or less impossible to employee here given competition from near slave labour on China ! not to mention the hassel a potential employer has ! Deflate the £ to establish UK of having a chance competing with China manufacturing and who knows - also perhaps a chance of Indias service economy. WE GAVE THE JOBS away through GREED !!!! Its going to get worse - China is making a tight grip on ALL GLOBAL COMMODITIES !!! A prudent Government compared to our lot. reward the lazy - over tax the worker/private sector - what a farce !

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