Euro zone joblessness rate rises: February Reports

According to the report unemployment across countries that use the euro edged higher in February to 10.8%. The slowdown is creating a tough environment for job seekers. Italy saw unemployment hit 9.3% in February, the highest level since the country started collecting monthly figures in 2004.

Finance ministers will hope that an agreement to increase the size of the euro zone’s rescue fund will help bolster sentiment. According to Howard Archer, chief European economist at IHS international Insight it looks odds-on that euro zone GDP contracted again in the first quarter of 2012, thus moving into depression.

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