- Howard Archer, chief European economist at IHS Global Insight
Eurozone unemployment rate reached an upwardly revised 11.2 per cent in May and held at that level in June, said the European Union's statistics office on Tuesday. This is the highest level since creation of the currency bloc.
"Companies generally are under serious pressure to keep their labor forces as tight as possible to contain their costs in the face of the current limited demand, strong competition and worrying and uncertain growth outlook," said Howard Archer, chief European economist at IHS Global Insight in London.
"There looks to be a very real danger that the euro-zone unemployment rate could reach 12 percent in 2013."
Stocks closed in red the same day. The Stoxx Europe 600 Index erased 0.97 per cent to 261.38. Germany's DAX Index slid 0.03 per cent and France's CAC 40 Index retreated 0.87 per cent.
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