Trichet Says Rising Unemployment May Damp European Recovery

European Central Bank President Jean- Claude Trichet said higher unemployment might damp an economic recovery in the 16-nation euro region.

“We will have to accept that unemployment will have to augment, maybe significantly, and that will have a bearing on the evolution of growth,” Trichet said in an interview with Bloomberg Television today after the ECB left interest rates unchanged at a record low of 1 percent. “We have to remain ourselves very cautious and also very prudent.”

The euro region’s jobless rate rose to a decade-high of 9.4 percent in June as companies shed jobs amid the worst recession since World War II. That comes after European economic confidence rose to an eight-month high in July and a contraction across the region’s manufacturing and service industries slows.

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- Posted: 2009-08-06 11:03:06

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