Unemployment across the euro zone reached its highest level in 15 years on Wednesday, according to data that show factories were cutting staff at the fastest pace in over 2 years.
Reuters reported Wednesday that the Markit Eurozone Manufacturing Purchasing Managers' Index (PMI) showed factories in the euro zone shed workers in April at their most aggressive pace in more than two years after the 11th straight month of falling orders. In March unemployment in the euro zone rose to 10.9%, equal to its record high of 15 years ago and pushed higher by job losses in Italy and Spain.
Peripheral nations were not the only ones affected, according to the report. Germany's PMI dropped to a 33-month low, while France showed marked deterioration and the Netherlands contracted more quickly than previously as well. New order inflows fell their fastest since December, with Austria the only country seeing an increase in production in April.
