Record unemployment rate in the Euro-Zone

The European economic crisis affects also the labor market situation in the EU, especially in the 17 countries of the Euro-Zone. At the moment more than 17 million people are unemployed in the Euro-Zone. This amount of unemployed people demonstrates the 8th increase of unemployment in a row in this area and displays the highest amount of non-workers since the implementation of the common currency. This amount of unemployed people represent 10,8 % of the Euro- Zone labor force in February 2012.  This equals an increase of the amount of unemployed people of about 1,48 million people from February 2011 to February 2012, so namely in one year, whereas the increasing tempo of the negative development is especially alarming. Just the rise from January 2012 to February 2012 shows an increase of 162.000 non-workers just in the Euro-Zone in just that one month.

In the whole EU, the unemployment rate is a little bit lower, but still records 10,2 % which include about 24,6 million people, whereof notably about 69% of these  unemployed people live in the Euro-Zone countries.

Especially bad is the situation in Greece and Spain with an unemployment rate above 23%. Every 3rd unemployed person of the Euro- Zone lives in Spain and Greece shows the highest unemployment rate. Also the future forecast seems to be negative. Especially the youth there is endangered to be unemployed. This however is a negative trend, which can be unfortunately observed in many other EU countries as well. In contrast to Greece and Spain, Austria displays at the moment the best labor market with an incredible low unemployment rate of 4,2 %. Also the labor markets in the Netherlands and Luxemburg show very good situations with low unemployment rates. Germany displays the 4th lowest unemployment rate.

Below you can see the unemployment rate of Spain, Greece, the Euro-Zone, Italy, Germany, the Netherlands and Austria in February 2012, whereas the lower bar displays the youth unemployment rate of people below 25 years.

Sources:

http://www.spiegel.de/wirtschaft/soziales/0,1518,825210,00.html

http://www.focus.de/finanzen/news/arbeitsmarkt/arbeitsmarkt-in-der-eu-eurozone-hat-so-viele-arbeitslose-wie-noch-nie_aid_731704.html

http://www.wallstreet-online.de/nachricht/4896490-arbeitslosenquote-eurozone

http://www.ftd.de/politik/europa/:schlechter-ausblick-arbeitslosigkeit-in-euro-zone-so-hoch-wie-nie/70017843.html

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3 thoughts on “Record unemployment rate in the Euro-Zone

  1. This development of the European employment rate is definitely not desirable. To me all member states of the European Union and especially of the Euro zone have to work together without only looking on their own benefit. As all nations are interlinked through the common market and the monetary union they have to collaborate seriously to overcome the crisis. Especially they should invest in the youth, because they are the future of Europe.

    Reply
  2. The best cure for European unemployment would be to give to employers 12 euros for each employee working more than 16 hours during the week. This can be done quite simply through the VAT system.

    Reply

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