What's Important in the Financial World (3/1/2013)
European Unemployment Rises
Euro area unemployment rose again, a sign that austerity has not helped alleviate economic markets and likely has caused an erosion of jobs. According to Eurostat figures:
The euro area (EA17) seasonally-adjusted unemployment rate was 11.9% in January 2013, up from 11.8% in December 20124. The EU271 unemployment rate was 10.8%, up from 10.7% in the previous month4. In both zones, rates have risen markedly compared with January 2012, when they were 10.8% and 10.1% respectively. These figures are published by Eurostat, the statistical office of the European Union.
Eurostat estimates that 26.217 million men and women in the EU27, of whom 18.998 million were in the euro area, were unemployed in January 2013. Compared with December 2012, the number of persons unemployed increased by 222 000 in the EU27 and by 201 000 in the euro area. Compared with January 2012, unemployment rose by 1.890 million in the EU27 and by 1.909 million in the euro area.
Among the Member States, the lowest unemployment rates were recorded in Austria (4.9%), Germany and Luxembourg (both 5.3%) and the Netherlands (6.0%), and the highest in Greece (27.0% in November 2012), Spain (26.2%) and Portugal (17.6%).
New Automaker Jobs
The public remains awed every time a U.S. car company adds even a few employees. Perhaps that is because so many tens of thousands lost jobs during the recession and bankruptcies of General Motors Co. (NYSE: GM) and Chrysler. According to WIBQ:
The job economy in Howard and Tipton counties is getting a boost after automaker Chrysler announced it's bringing 1,250 new jobs to its transmission plants in Kokomo and Tipton.
The expansion is expected to be completed by the end 2014.
Chrysler is investing more than $370 million to expand the plants that provide transmissions for the automaker's sedans, jeeps and pickup trucks.
That is hardly enough to increase the state's tax base, although it may put some money into the treasuries of Howard and Tipton counties.
On Google News
For those who swear by Google Inc.'s (NASDAQ: GOOG) news as the best source of aggregated information on the Internet, here are today's business headlines:
Countdown to spending cuts: A matter of hours
Stocks to Watch: Best Buy, Groupon, Salesforce
Economy grew slightly in 4Q, revised data show
British Manufacturing Index Unexpectedly Contracts in February
Investors Line Up for Buffett Clues
JC Penney Lowest Sales in Decades Show Johnson Stumbles
Gap profit tops street views, sending shares up
Lloyds CEO Links Bonus to Stake Sale
Stock index futures signal mixed start to March
Growing push to halt workplace bullying
Too bad so many of those stories are more than a day old.
Filed under: 24/7 Wall St. Wire, Market Open Tagged: GM, GOOG