Eurozone unemployment hits 10-year high

October 7th, 2009 BRUSSELS - The European Union's economy contracted by a worse-than-expected 0.3 percent in the second quarter, according to final Eurostat estimates out Wednesday. The European statistical office had previously estimated a fall in the bloc's gross domestic product of 0.2 percent.

September 19th, 2009 WASHINGTON - Unemployment rate in California, a favourite stomping ground for Indian IT professionals, hit its highest point in nearly 70 years amid early signs of economic recovery in the United States. While job losses continue to fall, the state's new unemployment rate of 12.2 percent, according to the Bureau of Labour Statistics, is far above the national average of 9.7 percent and places California, Americas's most-populous state, fourth behind Michigan, Nevada and Rhode Island.

September 2nd, 2009 European Central Bank to hold rates steadyFRANKFURT — Signs of nascent economic recovery in the euro zone mean the European Central Bank could lift key portions of its outlook when its governing council meets Thursday — although it is almost certain to leave interest rates unchanged. The bank's key refinancing rate has stood at 1 percent — a record low — since May as the bank moved to get cash flowing among European banks and help them during the world financial crisis.

August 21st, 2009 BERLIN - The economic gloom which descended on Europe over the last 12 months is slowly continuing to lift, with key surveys released Friday showing industry confidence gaining ground this month. The economics research group Markit said its composite purchasing managers' index (PMI) for the 16-member eurozone showed the currency bloc's economy edging its way towards expansion this month after posting its seventh consecutive rise.

August 13th, 2009 BRUSSELS - Europe's economy remained stuck in recession, with second quarter figures out Thursday showing gross domestic product (GDP) contracting by 0.3 percent in the European Union and by 0.1 percent in the eurozone on the quarter. The flash estimates by the European statistical office Eurostat dashed hopes of an earlier-than-expected recovery after two of the EU's biggest economies - Germany and France - posted positive GDP figures.

July 31st, 2009 BERLIN - Inflation in the 16-member eurozone tumbled deeper into negative territory in July, data released Friday showed, presenting the European Central Bank (ECB) with a fresh challenge as it attempts to spur growth in the currency bloc's economy. The European Commission's statistics office Eurostat's preliminary figures showed consumer prices fell more than forecast from minus 0.1 percent in June to minus 0.6 percent this month.

July 17th, 2009 Unemployment tops 10 percent in 16 states in JuneWASHINGTON — The U.S. Labor Department says unemployment topped 10 percent in 16 states last month.

July 1st, 2009 Irish unemployment hits 13-year high of 11.9 pctDUBLIN — Ireland's unemployment rate hit a 13-year high of 11.9 percent in June as a deepening recession pushed the welfare lines to record lengths, the Central Statistics Office reported Wednesday. The report said the number of people claiming jobless benefits has nearly doubled over the past year to 418,592, an unprecedented high dating back to the foundation of the Irish state in 1922.

June 30th, 2009 BERLIN - Inflation in the 16-member eurozone has slipped into negative territory for the first time since the currency bloc was formed a decade ago, data released Tuesday showed. After sliding to zero in May, annual seasonally adjusted inflation in the 16-member eurozone dipped to minus 0.1 percent in June, the European Commission's statistics office Eurostat said.

June 5th, 2009 Irish unemployment hits 13-year high of 11.8 pctDUBLIN — Ireland's unemployment rate hit a 13-year high of 11.8 percent in May as a deepening recession pushed the welfare lines to record lengths, the Central Statistics Office reported Friday. The report said the number of people claiming jobless benefits has nearly doubled over the past year to 397,000, an unprecedented high dating back to the foundation of the Irish state in 1922.

May 28th, 2009 BRUSSELS - Belgium Thursday joined Germany, Portugal, Ireland and Spain in posting a drop in consumer prices, highlighting concerns that the 16-member eurozone may soon slide into deflation as a result of the global recession. Belgian consumer prices fell in May from April, by 0.37 percent, for the first time since December 1960.

April 22nd, 2009 Taiwan's jobless rate hits record high of 5.8 pctTAIPEI, Taiwan — Taiwan's jobless rate hit a record high of 5.8 percent in March, rising for the eleventh straight month amid an economic slump, the government said Wednesday. The Directorate-General of Budget, Accounting and Statistics said in a statement the number of unemployed workers rose to 630,000 from 624,000 in February with the increase coming from company closures and layoffs.

April 16th, 2009 BERLIN - European industrial production plunged by an annual 18.4 percent in February, according to data released Thursday, amid dwindling inflationary pressures and signs that the global recession has tightened its grip on the region's economy. The European Union's (EU) statistics office, Eurostat, said the sharp fall in industrial production in the 16-member eurozone followed a 2.3 percent drop in February compared with January.

March 5th, 2009 BERLIN/LONDON - Europe's two leading central banks are expected to deliver another round of hefty 50-basis points cuts in interest rates Thursday amid signs of the deepening global recession. While the European Central Bank (ECB) meeting in Frankfurt is forecast to cut its benchmark refinancing rate to 1.5 percent, the Bank of England (BoE) meeting in London is predicted to trim borrowing costs in Britain to just 0.5 percent.

January 5th, 2009 BERLIN - European inflation plunged to its lowest level in more than two years in December, data released Tuesday showed, adding to the pressure on the European Central Bank (ECB) to deliver further cuts in interest rates. Preliminary data released by the European Union's (EU) statistics office showed annual inflation in what was then the 15-member eurozone dropped from 2.1 percent in November to a lower-than-forecast 1.6 percent last month.