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Tuesday, January 08, 2013 12:47 PM


Eurozone Unemployment Hits Record High 11.8%; Spain 26.6%; Greece 26%; Youth Unemployment top 56% in Greece and Spain


Inquiring minds are investigating miserable unemployment stats in Europe as reported this morning by Eurostast.

The euro area (EA17) seasonally-adjusted unemployment rate was 11.8% in November 2012, up from 11.7% in October. The EU27 unemployment rate was 10.7% in November 2012, stable compared with October. In both zones, rates have risen markedly compared with November 2011, when they were 10.6% and 10.0% respectively. These figures are published by Eurostat, the statistical office of the European Union.

Eurostat estimates that 26.061 million men and women in the EU27, of whom 18.820 million were in the euro area, were unemployed in November 2012. Compared with October 2012, the number of persons unemployed increased by 154 000 in the EU27 and by 113 000 in the euro area. Compared with November 2011, unemployment rose by 2.012 million in the EU27 and by 2.015 million in the euro area.
Compared with a year ago, the unemployment rate increased in eighteen Member States, fell in seven and remained stable in Denmark and Hungary.

The largest decreases were observed in Estonia (12.1% to 9.5% between October 2011 and October 2012), Latvia (15.7% to 14.1% between the third quarters of 2011 and 2012), and Lithuania (13.9% to 12.5%).

The highest increases were registered in Greece (18.9% to 26.0% between September 2011 and September 2012), Cyprus (9.5% to 14.0%), Spain (23.0% to 26.6%) and Portugal (14.1% to 16.3%).

In November 2012, the youth unemployment rate was 23.7% in the EU27 and 24.4% in the euro area, compared with 22.2% and 21.6% respectively in November 2011. In November 2012 the lowest rates were observed in Germany (8.1%), Austria (9.0%) and the Netherlands (9.7%), and the highest in Greece (57.6% in September 2012) and Spain (56.5%).
EU Unemployment by Country

Country Unemployment RateEurozone 17
EU 27 10.7
Eurozone 1711.8Y
Austria - AT4.5Y
Luxembourg - LU5.1Y
Germany - DE5.4Y
Netherlands - NL5.6Y
Romania - RO6.7
Malta - MT6.9Y
Belgium - BE7.4Y
Czech Republic - CZ7.4
United Kingdom - UK7.8
Denmark - DK7.9
Finland - FI7.9Y
Sweden - SE8.1
Estonia - EE9.5Y
Slovenia - SI9.6Y
France - FR10.5Y
Poland - PL10.6
Hungary - HU10.9
Italy - IT11.1Y
Bulgaria - BG12.4
Lithuania - LT12.5
Cyprus - CY14.0Y
Latvia - LV14.1
Slovokia - SK14.5Y
Ireland - IE14.6Y
Portugal - PT16.3Y
Greece - EL26.0Y
Spain - ES26.6Y


Things are bad in aggregate and getting worse every month. Bad does not even begin to describe the misery in Spain and Greece.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com

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