The Hot Zone
China's newly announced air defense identification zone over the East China Sea aims to shore up national security
Current Issue
· Table of Contents
· Editor's Desk
· Previous Issues
· Subscribe to Mag
Subscribe Now >>
Expert's View
Market Watch
North American Report
Government Documents
Expat's Eye
Photo Gallery
Reader's Service
Learning with
'Beijing Review'
E-mail us
RSS Feeds
PDF Edition
Reader's Letters
Make Beijing Review your homepage
Hot Links

cheap eyeglasses
Market Avenue

Special> Global Financial Crisis> Latest
UPDATED: February 18, 2009
EU Report Predicts Loss of 3.5 Mln Jobs in 2009

Some 3.5 million European Union (EU) citizens will lose their jobs this year due to the economic crisis, an EU report said on Tuesday.

"As business and consumer confidence fell sharply in December and dropped again in January, further deterioration in the labor market situation is foreseen for the months ahead," the European Commission said in its first monthly survey of the EU job market.

The report forecast employment growth in the EU will turn negative in 2009, with overall employment contracting by 1.6 percent or some 3.5 million jobs, while the average EU unemployment rate is set to increase by about 2.5 percentage points in the coming two years.

The metal and machinery, motor industry, financial services and transport and storage sectors have been hit hardest. A net loss of more than 100,000 jobs was announced in these sectors in the four months from October 2008 to January 2009.

However, wholesale and retail trade appeared to be the most resilient sector, with significant new jobs announced over recent months.

Unemployment in the EU is expected to rise to nearly ten percent by the end of 2010 from seven percent predicted for 2008, the report said.

It warned young people and those on temporary employment contracts have been the first to be hit by the rise in unemployment, but elderly people, foreign nationals and low-income households are also likely to be at the forefront of those most affected by the wider impacts of the downturn.

(Xinhua News Agency February 18, 2009)

Top Story
-Protecting Ocean Rights
-Partners in Defense
-Fighting HIV+'s Stigma
-HIV: Privacy VS. Protection
-Setting the Tone
Most Popular
About BEIJINGREVIEW | About beijingreview.com | Rss Feeds | Contact us | Advertising | Subscribe & Service | Make Beijing Review your homepage
Copyright Beijing Review All right reserved