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BUSINESS
March 1, 2013 | By Don Lee
How high can it go? The Eurozone's jobless rate went up in January to a record 11.9%, from 11.8% in December, as the 17-member single-currency region continues to grapple with recession and the effects of stringent government cutbacks, according to figures reported Friday. By comparison, the U.S. unemployment rate was 7.9% in January, and its highest since the Great Depression was 10.8% during the 1982-83 recession. The Eurozone's population is about 317 million, similar to the U.S. (The U.S. jobless rate for February will be released March 8.)
ARTICLES BY DATE
WORLD
December 31, 2013 | By Carol J. Williams
Latvia became the 18th country to make the European Union's euro its currency when fireworks exploded over Riga and church bells tolled in the new year. Latvia has posted the 28-nation EU's most impressive economic growth rates for the last two years, after self-imposed austerity measures of a severity that helped the tiny Baltic state recover from recession faster than most of the bloc's more established members. European leaders praised Latvia's vibrant economic performance, hailing its entrance into the Eurozone as evidence of the common currency's enduring appeal despite a rash of bailouts and banking crises in recent years.
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WORLD
July 31, 2013 | By Henry Chu
LONDON - The number of jobless workers in the 17 nations that use the euro dropped very slightly in June, but unemployment remains at a record rate as the currency zone continues to grapple with a lingering recession, statistics released Wednesday show. Nearly 19.27 million people were out of work in the Eurozone in June, the European Union's statistical office reported . That's 24,000 fewer than in May , a marginal improvement that did not impact the overall jobless rate, which has held steady since March at a record 12.1%.
BUSINESS
November 19, 2013 | By Jim Puzzanghera
WASHINGTON - A leading international group on Tuesday cut its forecast for global economic growth through next year, warning that fiscal and monetary policy decisions looming in the U.S. could derail the recovery. The Organization for Economic Cooperation and Development said world economic output would expand 2.7% this year and 3.6% in 2014. Those figures are down from the group's May forecast of 3.1% growth this year and 4% next year. The forecast for U.S. growth also was cut, to 1.7% this year from May's 1.8%.
BUSINESS
May 16, 2013 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - Europe's recession stretched into the first three months of the year, making it the single-currency region's longest downturn and raising concerns about its effect on the U.S. recovery. The 17-nation Eurozone economy contracted 0.2% in the first quarter compared with the previous quarter, according to data released Wednesday by Eurostat, the region's statistical office. It was the sixth straight quarter of contraction, exceeding the five-quarter recession from 2008-09.
BUSINESS
August 17, 2012 | By Andrew Tangel
Stocks edged higher in early trading as Germany's chancellor reportedly voiced support for easing bailout terms for Greece and further action by the European Central Bank to help solve the Eurozone's debt crisis. Investors also received two upbeat U.S. economic reports shortly after the opening bell. The Dow Jones industrial average was up 15 points, or 0.1%, to 13,265 in early trading on Wall Street. The broader Standard & Poor's 500 index was up a point, or 0.1%, to 1,416. The Nasdaq was up 3 points, or 0.1%, to 3,065.
SPORTS
December 5, 2011 | By Jim Puzzanghera, Los Angeles Times
Standard & Poor's said its long-term ratings for nearly all countries in the Eurozone, including economic powerhouse Germany, were at risk of downgrade because of the ongoing debt crisis. The ratings company said Monday that it put the sovereign debt of 15 nations on a negative credit watch because "systemic stresses" have risen to the point that they are putting "downward pressure" on the region as a whole. Among the reasons were tightening credit, continued disagreements among policymakers about how to handle the crisis, a "rising risk" of a recession in the region in 2012 and high levels of government and household debt.
BUSINESS
November 18, 2013 | By Jim Puzzanghera
WASHINGTON - The world's advanced economies grew 0.5% in the third quarter as strength in the U.S. and the United Kingdom helped offset continued weakness in the Eurozone, the Organization for Economic Development and Cooperation said Monday. The pace of economic expansion in the group's 34 member nations was the same as in the second quarter as the OECD prepared to release new projections Tuesday on future growth. The new data show that advanced economies had improved after quarter-over-quarter growth ground to a halt at the end of 2012.
OPINION
September 27, 2013 | By Timothy Garton Ash
So the German people have spoken, and Chancellor Angela Merkel has been reelected. That means the European Union will continue to be a tortoise. Next May, following the European Parliament elections, we will discover just how slow and unhappy a creature it is. Then, across the next decade, a larger, Aesopian question will be posed: Can the European tortoise outrun the American eagle and the Chinese dragon? Or can it at least keep pace with them? Resounding though Mutti ("Mom") Merkel's election victory was, Germany's new government still has to be formed.
BUSINESS
September 5, 2013 | By Don Lee
ST. PETERSBURG, Russia - Even as European Union leaders at the G-20 summit here crowed about a reviving Eurozone, the head of the European Central Bank said he didn't share their optimism. In somber remarks, ECB President Mario Draghi said he was "very, very cautious about the recovery. " Draghi, speaking at a monthly news conference in Frankfurt, damped the growing enthusiasm for the prospects of the advanced economies in the world, led by the United States. A very strong report Thursday on the U.S. service sector fueled further confidence that the economy was picking up steam and that the August jobs report to be released Friday would turn out better than expected.
BUSINESS
September 3, 2013 | By Don Lee
WASHINGTON - For the first time in several years, the annual G-20 summit won't be dominated by the Eurozone's debt troubles. But that may be little comfort to world leaders gathering this week in St. Petersburg, Russia. In addition to sharp differences over the conflict in Syria, which is certain to hang over the meetings Thursday and Friday, President Obama and other heads of the so-called Group of 20 major economies have a new economic threat on their hands. After financial fires were contained in the U.S. and then Europe, things now are heating up in the emerging economies.
WORLD
August 14, 2013 | By Janet Stobart, This post has been corrected. See the note below for details.
LONDON -- Europe's economy is showing signs of recovery for the first time since 2011, according to figures released Wednesday by the European Commission. The second quarter of 2013 showed distinct if fragile 0.3% economic growth collectively over the previous quarter for the 17 countries that share the euro currency. The improvement was driven chiefly by Germany, where gross domestic product grew by 0.7% over the previous quarter, and France, with growth of 0.5%. Consumer spending, manufacturing and exports appear to have grown in both countries.
WORLD
July 31, 2013 | By Henry Chu
LONDON - The number of jobless workers in the 17 nations that use the euro dropped very slightly in June, but unemployment remains at a record rate as the currency zone continues to grapple with a lingering recession, statistics released Wednesday show. Nearly 19.27 million people were out of work in the Eurozone in June, the European Union's statistical office reported . That's 24,000 fewer than in May , a marginal improvement that did not impact the overall jobless rate, which has held steady since March at a record 12.1%.
OPINION
July 20, 2013 | Doyle McManus
RIMINI, Italy - You think we have it bad, caught between a stagnant economy and gridlocked politics? Then take a trip to Europe, where the economy is going not sideways but backward - and the politics are too. Europe's numbers should be familiar by now, but they're still awful. In the United States, President Obama's much-derided stimulus package helped end our recession in 2009; in Europe, with no comparable stimulus, the recession isn't over. Unemployment in the 17 countries that share the euro is higher than 11%, and it's still heading up. The International Monetary Fund says the Eurozone's economies won't start growing again until next year, if then.
BUSINESS
July 9, 2013 | By Don Lee and Jim Puzzanghera
WASHINGTON - After leading the way out of the global recession, China and other big developing economies now are growing slower, a significant shift in momentum that augers weaker world growth and softer demand for U.S. exporters. The slowdown in developing economies has been building for some time but has captured greater attention recently because of China's credit crunch and the prospects of monetary policy tightening by the U.S. Federal Reserve. On Tuesday, the International Monetary Fund cut its U.S. and global economic forecasts for this year and next, citing primarily slower growth in key developing nations as well as a deepening recession in the Eurozone.
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