European Union Leaders Pondering Fruits of 120 Billion-Euro ($163 Billion) Push to Jump-Start Economy

European Union Leaders Pondering Fruits of 120 Billion-Euro ($163 Billion) Push

As per the median estimate in a Bloomberg News survey of economists, the euro-area joblessness rate perhaps held near a record high in November at 12.1%. The report to be released on January 8, follows tomorrow’s release of December consumer-price data.

Analysts estimate spotprice increaseshanging near the four-year low that headed anastonished interest-rate cut a month back by the European Central Bank (ECB).

In December, EU leaders approved their fight back to generate jobs, 18 months after they revealed the Compact for Growth and Jobs. The leaders say that unemployment remains ‘unacceptably high’.

As per Tobias Blattner, senior economist at Bank of America Merrill Lynch in London, “Unemployment is bound to remain high amid a sluggish recovery”.

The euro was trading at $1.3614 at 10:33 a.m. in Brussels. The figure was increased by 0.2% on the day. The Stoxx Europe 600 Index was down 0.25 at 327.14. As per the estimates of ECB, the euro-area economy contracted 0.4 % in 2013 and will increase 1.1 % this year.

Such drops in staff will keep the average unemployment rate at 12.1% this year, before dropping in 2015, as per to a Bloomberg survey of economists.

Spain has the second-highest unemployment rate in the euro area. Last week, the Labor Ministry in Madrid said that in Spain, the number of unemployed fell by 107,600 to 4.7 millionin December. The recent figure has been compared to the figure obtained in last month.