Despite reporting a smaller-than-expected second quarter economic contraction, the woes continue for the 16 countries that form the Euro Zone. The region’s unemployment rate rose to a seasonally adjusted rate of 9.5% (15.1 million people) in July. This is the worst monthly percentage figure the Euro Zone has seen in about 10 years.
Additionally, the unemployment rate across the 27-member European Union climbed to 9%, the highest level since 2005. Additionally, the story seems the same in Japan, where the unemployment rate hit a record 5.7% in July.
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