Date: Monday 02 Jul 2012
The Eurozone’s unemployment rate rose to 11.1 per cent in May, the highest since the creation of the Eurozone, according to the latest data from the region’s statistics office, Eurostat.
The reading, in line with estimates, is higher than 11.0% the month before and the 9.5% level in May of last year.
Eurostat estimates that 24.868m men and women were unemployed in the 27 countries that make up the European Union, 17.561m of which were in the Eurozone.
The lowest unemployment rates in the Eurozone are in Austria (4.1%), Holland (5.1%), Luxembourg (5.4%), and Germany (5.6%). The highest rates are in Spain (24.6%), Greece (21.9%), Portugal (15.2%), and Ireland (14.6%). France and Italy each have unemployment rates of 10.1%.
More worrisome is the unemployment rate among the young population (25 and under): 22.6%. The lowest rates were in Germany (7.9%), Austria (8.3%), and Holland (9.2%) while a whopping 52.1% rate is registered in Greece and Spain.
"Unemployment is at record levels but expected to rise further in the upcoming months as a result of a deteriorating macreconomic outlook for the Eurozone and its largest members, such as Germany, France, Italy, and Spain. In the last twelve months, the EU-27 has destroyed almost two million jobs," said analysts at Digital Look.
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