A Closer Look

Europe | Unemployment rises to record 10.7% in Euro Zone and above 20% for Youth and in Spain

Europe’s leaders travel to Brussels on Thursday, hoping to chart the continent’s way back to growth as figures show unemployment in the 17-country eurozone has spiked to its highest level since the euro was established in 1999.

While the two-day summit is for once taking place amid relative calm on financial markets, Europe’s population is only starting to feel the full impact of the massive budget cuts and economic uncertainty of the past three years.

New figures showed that unemployment in the 17-country eurozone hit 10.7 percent in January — the highest level since the currency union launched in 1999. The situation in the 27-country European Union is not looking much better, with unemployment reaching 10.1 percent in the first month of the year.

Policymakers across Europe have made spurring growth and jobs their new mantra, but so far their proclamations have yielded few results. Many economists want governments to stop slashing budgets as the continent heads into another recession, warning that more cuts will further destabilize the economy and make the debt situation even worse.

“This crisis and some remedies puts social cohesion at stake. It can also damage the European idea itself,” said EU President Herman Van Rompuy. “That is why we have to tackle inequalities and poverty.” …

via The Associated Press: Europe looks for growth amid record unemployment.

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Eurostat estimates that 24.325 million men and women in the EU-27, of whom 16.925 million were in the euro area (EA-17), were unemployed in January 2012. Compared with December 2011, the number of persons unemployed increased by 191 000 in the EU-27 and by 185 000 in the euro area. Compared with January 2011, unemployment increased by 1.488 000 in the EU-27 and by 1.221 000 in the euro area.

Unemployment rates, seasonally adjusted, January 2012

Source: epp.eurostat.ec.europa.eu/

Youth unemployment rates, EU-27 and EA-17, seasonally adjusted, January 2000 – January 2012

Source: epp.eurostat.ec.europa.eu

Discussion

8 thoughts on “Europe | Unemployment rises to record 10.7% in Euro Zone and above 20% for Youth and in Spain

  1. Unemployment here is Spain is an embarrassment, or it should be. The level of youth unemployment in Malaga is 52%. How can any government worldwide accept that? Drastic action is needed to stop the increase, which has been gathering momentum for a few years.

    The country is on the verge of bankruptcy, and another recession is predicted for this year. It will be 2015, at the earliest, before Spain is fixed.

    Posted by Real-Estate Insider | March 1, 2012, 9:01 am

Trackbacks/Pingbacks

  1. Pingback: More Than Half Youth are unemploymed in Spain and Greece « Global Job Gap, Local Skills Gap - April 3, 2012

  2. Pingback: The Euro Crisis Rides Again « Global Job Gap, Local Skills Gap - April 11, 2012

  3. Pingback: Soros | Euro crisis could destroy the EU « Global Job Gap, Local Skills Gap - April 17, 2012

  4. Pingback: Europe suffocates in unemployment – The Pravda « Global Job Gap, Local Skills Gap - April 20, 2012

  5. Pingback: Job Gap | Europe’s army of ‘underemployed’ nearly 25 million plus 9 million underemployed « Global Job Gap, Local Skills Gap - April 23, 2012

  6. Pingback: Euro area unemployment hits record high « Global Job Gap, Local Skills Gap - May 2, 2012

  7. Pingback: Spain / Only 22% of 16-24 year olds are unemployed writes Carmen González Enríquez, not 55% | Job Market Monitor - May 24, 2013

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