As the euro continues to devalue, Europeans remain concerned about their financial futures
As citizen protests continue, the value of the euro declines, and the threat of a double-dip recession looms, millions of European residents are coping with growing concern. Many fear they may have no choice but to leave the region altogether and begin an entirely new career thousands of miles away from their homes. Others are concerned about the financial futures of their children and grandchildren, unsure of their future as economic insecurity worsens.
Germany:
Throughout the second half of 2011, Germany’s unemployment rate hovered around 7 percent, before eventually dropping to 6.8 percent last December. The nation’s jobless rate continued to drop in January, falling to 6.7 percent. In all, 2.8 million residents were without work last month, about 340,000 less than in December. Prior to January’s findings, a majority of economists had believed the rate would increase. As Germany’s economy remains quite weak, many economists still anticipate the rate will begin to increase throughout the next few months.
France:
Business confidence in France remained low in January – sliding lower than December. According to recently released figures, the country’s composite indicator for business confidence in manufacturing fell to 91 in January, three points lower than it had been in December. The indicator, which, on average, is typically measured at 100, has not been this low since February 2010, when global economic recovery had just begun.
Italy:
In Italy, consumer confidence remained the same in January. At 91.6, the country’s total consumer confidence measurement is well below July’s rate of 100 – and, in general, has been declining ever since last summer. Of note, Italy’s consumer confidence has not been this low in years. In fact, it is near the lowest level that has been reported since 2008, a year in which the global recession was impairing consumer confidence levels in dozens of nations around the world. Meanwhile, Italy’s personal and current consumer confidence measurements increased on a monthly basis in January, from 97.3 to 97.9 and from 98.4 to 102.3, respectively.
Russia:
The annual inflation rate in Russia declined from 6.1 percent in December to 4.2 percent in January. As a result, the nation’s central bank’s interest rates remained unchanged as of early February. In total, the bank’s refinancing rate was eight percent, while its overnight auction-based purchase price was 5.25 percent.
United Kingdom:
Despite Europe’s ongoing financial woes, consumer confidence actually increased in the United Kingdom, from -33 in December to -29 in January, surprising worldwide economists and Moody’s Analytics who had projected that confidence levels would fall to -35 last month. However, most economists do not believe such positive news will be sustained, especially as the threat of a double-dip recession looms throughout many European nations.
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