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EU Joblessness Is Poised to Worsen

Contributed by mm | July 4, 2005 11:58 PM PST





Europe is certainly in dire situation.

From Wall Street Journal:

Despite a few encouraging signs, the job situation in the euro zone is poised to deteriorate further this year, possibly bringing the unemployment rate to its worst level since the late 1990s, when it hovered above 9%.

The reasons are numerous. Oil prices are close to records, siphoning corporate profits that otherwise could be used to pay new salaries. Growth slowed sharply in the first half of this year, which economists say will keep companies cautious about hiring. Wages are on the rise. Competition from low-cost countries is adding to pressure on employers to limit spending. And, many corporations still feel the need to become more productive with fewer people.
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