Eurozone unemployment hits new record

Eurozone unemployment hits new record

Europe containing over 27 countries that uses same currency had unemployment rate of 10.4% through out last December and November. 10.4% equal to 16.5million people did not have a job in December increased by 751,000people from last year. The country which has the highest unemployment is Spain with 22.9% and country with the least Austria with 4.1%. Due to the debt crisis in different regions it made unemployment even more common and it made it to 10%. A economist, Guillaume Menuet, said that he expected the unemployment rate to reach 10% by 2012. In these 27 European countries unemployment rate is constantly increasing and the biggest increases over the past year is happening in Greece, Cyprus and Spain and the biggest fail happened in Estonia, Latvia and Lithuania

1.Deteriorating

a. Deteriorating situation

b. getting worse, weaker

c. Too much study in school can cause deteriorating situation, since we won’t be able to learn all of them at once.

2. Recession

a. It is now widely expected that Spain will enter recession in the first quarter of this year.

b. act of withdrawing or temporary depression in economy

c. None of the students wanted to go to buzzar because of the recession, affecting their family income, they stayed back at dorm and made their own lunch.

3. Deterioration

a. Also on Monday, France cut its growth forecast for this year to 0.5% from 1% "to take into account the deterioration of the economic situation".

b. to make or become worse

c. postponing work during the weekend is deterioration for Sunday.

“History repeats itself” I have heard this line over and over again for past few years. Well there were many ups and downs in history and it seems like now is the going down stage for the European countries. However, I am sure that they will be back up with having low unemployment rate. A way to decrease unemployment rate is to create more jobs in the government, or change the market system to controlled market system instead of free market system. This might have lot of complain from big firms, however this can possibly be the solution for solving the unemployment. As the population increases there will be less job spaces, therefore the government should come up with new idea or law which will decrease the percentage of unemployment, not increase.