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Actual | Forecast | Previous | Revised Form | |
| 9.5% | 9.3% | 9.2% | N/A | ||
| 10/1 | 10/31 | 11/28 | 1/8 | 1/30 | 2/27 | 4/1 | 4/30 | 6/2 | 7/2 | ||
| Actual | 7.5% | 7.5% | 7.7% | 7.8% | 8.0% | 8.2% | 8.5% | 8.9% | 9.2% | 9.5% | |
| Forecast | 7.3% | 7.5% | 7.6% | 7.8% | 7.9% | 8.1% | 8.3% | 8.7% | 9.1% | 9.3% | |
| Previous | 7.4% | 7.5% | 7.6% | 7.7% | 7.9% | 8.1% | 8.3% | 8.7% | 8.9% | 9.2% | |
| Revised From | N/A | N/A | 7.5% | N/A | 7.8% | 8.0% | 8.2% | 8.5% | N/A | N/A | |
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Actual | Forecast | Previous | Revised Form | |
| -0.8% | -0.4% | -0.3% | |||
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For 1st Quarter
Employment Change y/y: -1.2%, pr. 0.0% (4Q), 0.8% (3Q), 1.3% (2Q),
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| 3/17 | 6/13 | 9/12 | 12/16 | 3/16 | 6/15 | ||||||
| Actual | 0.2% | 0.3% | 0.2% | -0.1% | -0.3% | -0.8% | |||||
| Forecast | |||||||||||
| Previous | 0.3% | 0.3% | 0.3% | 0.2% | -0.1% | -0.4% | |||||
| Revised From | N/A | 0.2% | N/A | N/A | N/A | -0.3% | |||||
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Actual | Forecast | Previous | Revised Form | |
| 9.2% | 9.1% | 8.9% | N/A | ||
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For April
(s.a.)
The unemployment rate in the nations that make up the Euro-zone rose to 9.2% in April, a bigger jump than expected, and the highest rate in almost 10 years. The global recession has sapped demand for the region's exports which has cut into industrial production and investment. That has caused a large increase in layoffs. Despite some signs that the Euro-zone economy's recession may be easing, the deterioration in the labor market will hamper any recovery, making it a prolonged and slow recovery when growth starts once again. |
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Actual | Forecast | Previous | Revised Form | |
| 8.9% | 8.7% | 8.7% | 8.5% | ||
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For March
(s.a.)
Europe's unemployment rate in March, at 8.9%, rose to its highest level in more than three years. Growing unemployment has major implications on growth and inflation outlooks, so its a worrisome sign to the ECB which has been criticized for its slower gradual response to its recession. As economic growth continues to sputter along, more firms are firing workers in order to cut costs. The jobless rate in Germany has increased for 6 straight months. The ECB next meets on May 7th, and traders will be looking for an interest rate cut as well as a recognition by the bank that they will have to use new unconventional methods like quantitative easing in order to stimulate the economy during this crisis. |
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Actual | Forecast | Previous | Revised Form | |
| 8.5% | 8.3% | 8.3% | 8.2% | ||
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For February
(s.a.)
Unemployment in the Euro-zone jumped to 8.5% in February, higher than expectations, and underscores the effects of the recession on jobs. The new rate is the highest in 3 years. Firms in the region have been shedding staff as they reduce output by record levels in order to cope with the current recession. Increasing joblessness has many effects of course on the economy, mainly a reduction in consumer spending and confidence.
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Actual | Forecast | Previous | Revised Form | |
| 8.2% | 8.1% | 8.1% | 8.0% | ||
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For January
(s.a.)
From the Release: "The euro area (EA16) seasonally-adjusted unemployment rate was 8.2% in January 2009, compared with 8.1% in December 2008. It was 7.3% in January 2008." |
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Actual | Forecast | Previous | Revised Form | |
| 8.0% | 7.9% | 7.9% | 7.8% | ||
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For December
(s.a.)
Unemployment notched up in December to 8%, the 5th month it has increased. It is now at the highest level in 2 years. The data along with weaker consumer prices may put pressure on the ECB, which meets next week, but ECB President Trichet said the bank was going to hold this month and likely cut again in March. If today's data speeds up that timetable remains to be seen. |
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Actual | Forecast | Previous | Revised Form | |
| 7.8% | 7.8% | 7.7% | N/A | ||
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For November
(s.a.)
Unemployment increased in November in the Euro-zone as the economy shrank in the third quarter, and continued to sputter in the 4th quarter. The 7.8% seasonally adjusted rate was the highest in nearly two years. After gradually falling to a record low of 7.2% in March, unemployment began creeping higher last April as a result of the credit crisis. The economic situation continued to deteriorate throughout the year, and the crisis intensified in the 3rd quarter. Increased joblessness will limit spending by households and further the cycle of worsening economic conditions. Today, consumer confidence and sentiment among business hit a record low. |
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Actual | Forecast | Previous | Revised Form | |
| -0.1% | 0.2% | N/A | |||
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For 3rd Quarter
Employment Change y/y: 0.8%, pr. 1.3% (rev. from 1.2%, 2Q), 1.6% (1Q) Employment fell by 0.1% in the three months through September reported EuroStat. This is the first drop since the 1st quarter of 2004. Annual employment eased to 0.8% from 1.3%. The third quarter showed the Euro-zone officially in recession and that translated into job losses. The recession deepened during the 4th quarter so this number should fall again next time around. |
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Actual | Forecast | Previous | Revised Form | |
| 7.7% | 7.6% | 7.6% | 7.5% | ||
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For October
(s.a.)
The unemployment rate in the Euro-zone jumped to 7.7% in October, the highest level its been since January 2007. The data follows other reports showing economic confidence down to a 15-year low and retail sales figures the weakest in at least 5 years. The Euro-zone economy is suffering in the face of weaker exports, consumer spending and confidence, and tight access to credit. The weak economic activity is filtering down to the labor market. The ECB is expected to continue lowering interest rates in order to ease borrowing costs and to spur economic growth. Their next meeting is December 4th. |
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Actual | Forecast | Previous | Revised Form | |
| 7.5% | 7.5% | 7.5% | N/A | ||
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For September
(s.a.)
From the Release: "The euro area (EA15) seasonally-adjusted unemployment rate stood at 7.5% in September 2008, stable compared with August. It was 7.3% in September 2007." |
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Actual | Forecast | Previous | Revised Form | |
| 7.5% | 7.3% | 7.4% | N/A | ||
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For August
(s.a.)
The unemployment rate in the Euro-zone rose unexpectedly to 7.5% in August, and July's rate was revised up to 7.4%. The figure is the highest since April 2007. With the economy contracting in the 2nd quarter, companies are cutting costs by reducing payroll. The credit crisis will only exacerbate job losses going forward. Sales are faltering as consumer confidence is mired in low levels and they cut back on spending. The ECB may have to take a harder look at the economic hardship of the continent and move to a more dovish stance and think about lowering interest rates.
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Actual | Forecast | Previous | Revised Form | |
| 0.2% | 0.3% | N/A | |||
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For 2nd Quarter
Employment Change y/y: 1.2%, pr. 1.6% (1Q) Euro-zone payrolls grew by 0.2% in the 2nd quarter compared to the 1st quarter. On the year employment change cooled to 1.2% from the 1.6% seen in the previous report. That is the slowest pace since the 4th quarter of 2005. A slowing labor market will only add extra strain on consumers faced with higher costs. |
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Actual | Forecast | Previous | Revised Form | |
| 0.3% | 0.3% | 0.2% | |||
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For 1st Quarter
The number of people employed in the euro-area rose 0.3% in the first quarter, which amounts to 446K jobs. This figure matched the 4th quarter, where employment was revised up to show a 0.3% increase from the original 0.2%. From a year earlier, employment growth slowed to 1.6% from 1.8%. Employment took a hit in Italy which saw a -0.2% change for the quarter. Germany saw a 0.5% increase, the same as teh 4th quarter. |
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Actual | Forecast | Previous | Revised Form | |
| 0.2% | 0.3% | N/A | |||
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For 4th Quarter
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