The eurozone unemployment rate has hit a record high at 11.8 per cent with 18.8m people out of jobs according to Eurostat and youth unemployment at a new high.
The eurozone unemployment rate rose to 11.8 per cent in November 2012 – the highest rate on record according to official figures put out recently. Up from 11.7 per cent in October, the latest figure has caused some concern in the eurozone.Graeme Wearden writes today:
Today’s unemployment data rather takes the shine off recent claims that the eurozone crisis is over. The immediate threat to the single currency has receded, but politicians and policymakers still face an ailing economy. Initiatives such as a banking union or the ECB’s bond-buying programme may hold the eurozone together, but they don’t deliver the hope of immediate growth.
Once again the highest rate was seen in Spain at 26.6 per cent followed by Greece at 26 per cent (recorded for September 2012). According to Eurostat, the unemployment rate increased in 18 of the EU member states, fell in seven and remained stable in both Denmark and Hungary.
The latest figures from Eurostat, the statistical office of the European Union, also show the EU27 unemployment rate stood at 10.7 per cent in November, stable compared with the previous month. Eurostat figures also show youth unemployment and the latest figures suggest the situation has got worse. The youth unemployment rate for November 2012 was 23.7 per cent in the EU, up from 22.2 per cent in November 2011. The eurozone recorded a youth unemployment rate of 24.4 per cent, up from 24.2 per cent the previous month. Greece and Spain reported the highest rates at 57.6 per cent (September 2012) and 56.5 per cent respectively. Germany, Austria and the Netherlands had the lowest youth unemployment rates at 8.1 per cent, 9 per cent and 9.7 per cent respectively.
The latest release shows that 26.06m people in the whole European Union were unemployed in November 2012 – an increase of 154,000 people on the previous month. Compared with November 2011, unemployment has risen by 2.012m.
Despite the latest release displaying the November 2012 seasonally adjusted rates for most EU countries, there are still some gaps. The latest recorded figures for Greece are from September 2012.
Average monthly unemployment, July-September 2012 (or for as many of the three months as available) Austria and Luxembourg had the lowest unemployment rates at 4.5 per cent and 5.1 per cent respectively. Germany (5.4 per cent) and the Netherlands (5.6 per cent) also recorded low rates of unemployment.