Eurozone Crisis: Jobless numbers hit record 18 mn, car sales down 8 percent in July image

Situation across the 17 countries that use the euro continues to be in the red area.

Jobless numbers hit a record 18 million in July, the EU statistics agency said on Friday. Some 88,000 more people were added to the jobless total. Eurostat said the 18,002,000 jobless total was the highest since records began in 1995.

It included 3.4 million people under the age of 25, leading to a youth unemployment rate of 22.6%.
Spain continued to top the list, posting an overall unemployment rate of 25.1% and a youth unemployment rate of 52.9%.

The news emerged as the International Labour Organisation warned of a “catastrophic” rise in unemployment, especially among the young, if debt-wracked Greece were to leave the eurozone or if the bloc were to split.

On the same time, European vehicle sales continued to fall last month as buyers stayed out of showrooms during the region’s economic crisis.

According to analysis produced by Jato Dynamics, Europe’s new car sales declined by 8.2 per cent in July, and 4.9 per cent year-to-date compared to last year. Italy and Spain recorded the greatest drops in July unit sales.
Sales in Germany, the region’s largest car market, were down 5 percent.