Salient to Investors:
Unemployment in the 17-nation euro region rose to 11.6 percent from 11.5 percent in August, the highest since data started in 1995. Youth unemployment is at 23.3 percent.
Christoph Weil at Commerzbank is now more pessimistic, saying the euro-area economy will only return to growth in Q2 2013 and the jobless rate will increase to 12 percent.
Professor Joseph Stiglitz at Columbia is very pessimistic about the prospects of a European recovery because their austerity packages will almost inevitably weaken the economy – nothing is in place that will promote economic growth.