Euro zone unemployment increases to 10.8 in Feb. 2012, manufacturing shrinks again, likely recession, Spain 23.6% jobless

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4/2/12, "Eurozone unemployment rate rises in February," BBC

"Unemployment across countries that use the euro edged higher in February to 10.8%.

That's up from 10.7% in January and the highest level since the introduction of the single currency in 1999. Spain has the highest rate of 23.6%.

Meanwhile, a separate report confirmed that manufacturing activity in Europe shrank in February.

It is the eighth month in a row that the Purchasing Manager's Index has been below 50, which indicates contraction....

Other economists agree that the euro area is probably in recession.

"It looks odds-on that eurozone GDP contracted again in the first quarter of 2012, thereby moving into recession," said Howard Archer, chief European economist at IHS Global Insight.

"And the prospects for the second quarter of 2012 currently hardly look rosy.""

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