Back
EU labor market data released today by the Eurostat reinforces the view that that the economic recovery in the area is still far from robust: in November the unemployment rate remained unchanged for the sixth running month at 10.9% (vs 10.8% in November 2012). Eurozone's jobless rate was also unmoved at 12.1% (vs 11.8% in November 2012).
According to the official document: „Eurostat estimates that 26.553 million men and women in the EU28, of whom 19.241 million were in the euro area,were unemployed in November 2013. Compared with October 2013, the number of persons unemployed increased by 19 000 in the EU28 and by 4 000 in the euro area. Compared with November 2012, unemployment rose by278 000 in the EU28 and by 452 000 in the euro area.”
EU youth employment situation remained dire, despite European officials' increasing calls for tackling the problem urgently. In November 5.661 million people under the age of 25 were without a job (3.575 million in the Eurozone). The jobless rate remained stubbornly high at 23.6% (24.2% in the Eurozone).
It is important to note the disparity in the labor market situation in different EU Member States. Eurostat points out in the report that the lowest unemployment rates were recorded in Austria
(4.8%), Germany (5.2%) and Luxembourg (6.1%), while the highest in Greece (27.4% in September 2013 – the most recent available data) and Spain(26.7%).
According to an article published in the Spanish newspaper El Economista the country's government expects the Spanish unemployment rate to slide to 25.9% by the end of 2014. Job losses are projected to amount to 39K compared to 552K in 2013 and 824K in 2012. “Improvement of sorts, but still horrible,” as Gerry Davies comments on FXBeat.
8 Jan 2014
EU unemployment still at alarming highs
EU labor market data released today by the Eurostat reinforces the view that that the economic recovery in the area is still far from robust: in November the unemployment rate remained unchanged for the sixth running month at 10.9% (vs 10.8% in November 2012). Eurozone's jobless rate was also unmoved at 12.1% (vs 11.8% in November 2012).
According to the official document: „Eurostat estimates that 26.553 million men and women in the EU28, of whom 19.241 million were in the euro area,were unemployed in November 2013. Compared with October 2013, the number of persons unemployed increased by 19 000 in the EU28 and by 4 000 in the euro area. Compared with November 2012, unemployment rose by278 000 in the EU28 and by 452 000 in the euro area.”
EU youth employment situation remained dire, despite European officials' increasing calls for tackling the problem urgently. In November 5.661 million people under the age of 25 were without a job (3.575 million in the Eurozone). The jobless rate remained stubbornly high at 23.6% (24.2% in the Eurozone).
It is important to note the disparity in the labor market situation in different EU Member States. Eurostat points out in the report that the lowest unemployment rates were recorded in Austria
(4.8%), Germany (5.2%) and Luxembourg (6.1%), while the highest in Greece (27.4% in September 2013 – the most recent available data) and Spain(26.7%).
According to an article published in the Spanish newspaper El Economista the country's government expects the Spanish unemployment rate to slide to 25.9% by the end of 2014. Job losses are projected to amount to 39K compared to 552K in 2013 and 824K in 2012. “Improvement of sorts, but still horrible,” as Gerry Davies comments on FXBeat.