Euro zone unemployment jumped to its highest level in nearly 10 years in April, dampening hopes of any quick recovery and contrasting with optimism in Asia where shares rose to 2009 highs.
The unemployment rate in the 16 countries using the euro reached 9.2 per cent, the highest level since September 1999.
This brings the number of out of work in the euro zone to 14.579 million, the European Union statistics office said, hurting consumer purchasing power despite record low inflation.
Confidence about a recovery in Europe continues to lag growing optimism in Asia and the United States.
World stocks edged 0.2 per cent lower today after a buoyant session a day earlier but Japan's Nikkei stock average rose 0.3 percent, the second straight day it has closed at eight-month highs.
Japan's finance minister said today that its worst post-war recession had hit bottom, although a full recovery may not come until early next year as manufacturers gradually lift output from very low levels.
Australia's central bank kept interest rates unchanged as data showed improvements in the export and housing sectors, and suggested the country might be one of the few to have dodged recession last quarter.
A survey published today showed global consumer confidence stabilising after an 18 month fall, providing a further glimmer of hope for a world economy in which three-quarters of households cut spending.
The global consumer survey was conducted by Ipsos and Reuters in late April and early May and showed that consumer confidence in the United States rose two percentage points to 13 per cent since the last poll in November.
In China, confidence jumped to 61 per cent from 46 per cent and in India it increased five points to 70 per cent. In Europe, consumer confidence dropped nine points to 23 per cent, and in Brazil it fell to 56 per cent from 61 per cent.
Signs that massive stimulus efforts by policymakers around the world are starting to have some impact will be a relief for governments that have racked up huge deficits to pay for them.
Reuters