Two nations at the forefront of the European economic crisis, Spain and Greece, have the region’s highest unemployment with more than one in four people out of work. The statistics are even grimmer fro those younger than 25 years of age in both countries, with joblessness as high as 60 percent.
Overall, more than 10 percent of people living in the Eurozone are now unemployed with those under 25 struggling the most to find jobs. The prospect of a “lost generation” of young people looms as an “alarming possibility.”
The figures from EU statistics body Eurostat showed the Eurozone recession has pushed unemployment in the currency bloc up from the previous record of 11.6 percent in September to 11.7 percent in October. These figures raise new fears about the recovery on the continent. The Eurozone returned to recession in the third quarter, a recession is commonly defined as two consecutive quarters of negative growth.
“The level of unemployment in Europe remains unacceptably high,” Jonathan Todd, a spokesman for the European Commission, the E.U.’s executive arm says.
Choosen excerpts by Job Market Monitor from