European Unemployment Rate Remains Stagnant
- Written by Maria Athens
May's European unemployment figures remain unchanged; the unemployment rate stayed at 11.6%, as it was in April.
Nordea Bank AB analyst Suvi Kosonen stated, "High unemployment is a big risk for the recovery, and in some parts of Europe it probably is already a structural problem...It might edge a bit lower over the coming months, but it will remain high for much longer, at least for another year", as reported by Kathimerini.
In April, European Central Bank President Mario Draghi stated that his largest concern was that stagnation will result in high structural unemployment figures.
A Bloomberg survey has predetermined that Eurozone growth will continue to crawl throughout 2014, with an expected 0.3% expansion in the second and third quarters, and reach 0.4% in the final quarter. Greece held an 26.8% unemployment rate this March.
