Unemployment rose for the fifth straight month in Europe amid concern that extensive government support programs won’t be able keep many businesses hit by coronavirus restrictions on activity afloat forever
October 1, 2020, 9:04 AM
• 1 min read
FRANKFURT, Germany -- Unemployment has risen for a fifth straight month in Europe amid concern that extensive government support programs won't be able keep many businesses hit by coronavirus restrictions on activity afloat forever.
The jobless rate rose to 8.1% in the 19 countries that use the euro currency in August, up from 7.9% in July, official statistics showed Thursday. Some 13.2 million people were unemployed and the number of those out of work rose by 251,000.
Economists expect a further rise as wage support programs expire, while an increase in infections in many countries has increased fears that some restrictions on business interaction may have to be re-imposed.
