Right Of The Star

Wednesday, September 01, 2004

No Jobs! Oh the Socialistic Horror!

I have warned in the past that this will eventually lead to the growth of their hatred of the US. When this happens then there is a big possibility of a struggle in Europe or between Europe and the US that could rival the Cold War and could turn HOT like WWII.

Problem is it is their own fault - but that high minded, superior, nuanced attitude (like "the talented Mr. Kerry") doesn't allow much introspection!

Little sign of new jobs created in Europe
AP Wire | September 01 2004 | Associated Press

BRUSSELS, Belgium -- The euro zone continues to experience a jobless recovery, with no indication that new jobs are being created after more than a year of generally sluggish economic growth.

According to figures published Wednesday by the European Union statistics agency, the unemployment rate in the dozen countries using the euro was unchanged at 9 percent in July.

The figures were in line with expectations, and remain far above other parts of the industrialized world. The jobless rate stood at 5.6 percent in the United States and 4.9 percent in Japan, according to Eurostat.

Unlike other developed economies, the euro zone has yet to experience a burst of job creation in response to stronger global economic growth, and there is little sign of dramatic improvement this year.

The high unemployment rate partly explains the weak state of consumer confidence in the euro zone and the low level of spending growth.

According to a survey of euro-zone purchasing managers also published Wednesday, manufacturers cut payrolls for the 39th straight month in August, and at a faster rate than in July.

With domestic demand likely to remain subdued for some time as a consequence of high unemployment, the European Central Bank isn't expected to raise interest rates soon. Its governing council meets Thursday, and is expected to leave rates unchanged at 2 percent.

Unemployment rates varied widely across the currency area, with Austria recording a jobless rate of 4.2 percent, while Spain recorded a jobless rate of 11 percent.

In the European Union as a whole - which includes Britain, Sweden, Denmark and the 10 mostly central and eastern European countries that joined the area May 1 - the jobless rate fell to 9 percent from 9.1 percent in June.


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