Eurozone Unemployment

Eurozone unemployment hits new record in May LONDON (AP) — Unemployment in the 17-country euro currency bloc hit another record in May as the continent teetered on the edge of recession because of its crippling financial crisis, official figures showed Monday. Markets have responded positively with a stock market rally which, if sustained, should help buoy economic confidence in the eurozone — a key step to easing the crisis. "With the eurozone likely having suffered appreciable GDP contraction in the second quarter and in grave danger of contracting again in the third, and with eurozone business confidence generally low and fragile, the likelihood is that the eurozone unemployment rate will move significantly higher over the coming months," said Howard Archer, chief European economist at IHS Global Insight.

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