Euro area unemployment rate at 11.3% EU27 at 10.4%. The euro area (EA17) seasonally-adjusted unemployment rate was 11.3% in July 2012, stable compared with June. It was 10.1% in July 2011. The EU27 unemployment rate was 10.4% in July 2012, also stable compared with June. It was 9.6% in July 2011.
Eurostat estimates that 25.254 million men and women in the EU27, of whom 18.002 million were in the euro area, were unemployed in July 2012. Compared with June 2012, the number of persons unemployed increased by 43 000 in the EU27 and by 88 000 in the euro area. Compared with July 2011, unemployment rose by 2.104 million in the EU27 and by 2.051 million in the euro area.
“The jobless rate in the economy of the 17 nations using the euro was 11.3 percent in July, the same as in June after that month’s figure was revised higher, the European Union’s statistics office in Luxembourg said today” reports Bloomberg. “That’s the highest since the data series started in 1995. Inflation accelerated to 2.6 percent in August from 2.4 percent in the prior month, an initial estimate showed in a separate report. That’s faster than the 2.5 percent median forecast of 31 economists in a Bloomberg survey.”
“You think America’s 8.3% unemployment rate is bad? Try living in the eurozone” writes Kevin Spak, Newser Staff “The 17-country bloc saw 88,000 more people join the ranks of the jobless in July, meaning its unemployment rate held steady at its record high of 11.3% and bringing the total number of unemployed to 18 million, the AP reports. The numbers were especially eye-popping in Spain and Greece, which saw their unemployment rates swell to 25.1% and 23.1%, respectively. For reference, last year Greece’s figure was 16.8%.”
Greece leads in youth unemployment with 53.8%, while it occupies the second place after Spain in unemployment in all age groups. According to EUROSTAT, unemployment in Greece reached 23.1% in May 2012, recording an increase of 6.3% compared with May 2011.