Joblessness creeps up in Luxembourg
(JB) Luxembourg may have its financial problems but at least the situation for employees is better here than in many other parts of Europe, a eurostat study has suggested.
The Grand Duchy recorded the third lowest levels of unemployment in the European Union in August with just 4.9% of the population on the dole.
The best employment levels were found in Austria, with just 3.7% of the population out of work, followed by Holland with 4.4%.
While Luxembourg may be faring better than many of its neighbours, it has not been shielded from a growing unemployment trend during the last year. In August 2010, 4.9% of the population was out of work, a figure which crept steadily in March to 4.6% and to 4.8% in July.
The highest unemployment levels were recorded in Spain where 21.2% of the population was not in work in August 2011.
Despite the growing phenomenon in Luxembourg, almost half of all member states noted a rise in employment rates during the last 12 months. Belgium saw the strongest growth from 8.3% unemployed to 6.8%. Other countries which saw a small growth in people finding work included the Czech Republic, Denmark, Germany, Italy, Holland, Finland and Malta.
During August the average unemployment rate for the euro zone was 10% meanwhile, it was 9.5% in the European Union bloc.