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ISCOVER
Steven Cross
The US is showing signs of recovery while Europe slips further into recession.
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Unemployment in the Eurozone rose by 169,000 in March taking the rate to 10.9 per cent - the highest unemployment rate recorded since the launch of the Euro in 1999.
Spain had the highest rate in the Eurozone, with almost a quarter of residents jobless. Even more alarming is the youth unemployment rate which sits at 51.1 per cent for people under 25.
Economies are contracting across the Eurozone as governments cut spending and raise taxes to reduce deficits.
Economists recommend pro-growth measures including reducing red tape for small businesses, making it easier for workers to find jobs across the Eurozone and breaking down barriers that countries have created to protect their own industries.
However, the picture looks much brighter in the US, with unemployment falling from 9.1 per cent in August to 8.2 per cent in March.
Shane Oliver, chief economist from AMP told The Adviser late last month that the US President Barak Obama didn’t have a chance of re-election unless unemployment dropped below eight per cent.
