Portugal’s Unemployment Rate Increases to Euro-Era Record 15%

Portugal’s jobless rate rose to a euro-era record 15 percent in the three months through June as the country’s economy contracted for a seventh quarter.

The unemployment rate increased from 14.9 percent in the first three months and 12.1 percent in the second quarter of 2011, the Lisbon-based National Statistics Institute said today in an e-mailed statement.

The government forecasts unemployment will increase to 15.5 percent for all of 2012 and to 15.9 percent in 2013.

To contact the reporter on this story: Joao Lima in Lisbon at jlima1@bloomberg.net

To contact the editor responsible for this story: Tim Quinson at tquinson@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.