According to a report published by the German newspaper “FAZ” is the European unemployment rate facing a record high. The difficult economic situation in many European countries leads to an increase in unemployment. The number of unemployed people in Europe has never been higher than in 2012. Nearly 25 million people are currently looking for a job. Since spring 2011, unemployment has increased by an average of 200,000 people per month.
Especially in the southern European countries such as Italy, Spain and Portugal young people are struggling with finding employment. Alone Spain recorded 5 million people without occupation at the beginning of this year. That means a record rate of 23.6 percent. In Greece, 21 percent are unemployed. The Greeks have with almost 7 percentage points, the biggest increase in a year.Spain and Greece are facing youth unemployment of about 50% as you can see from the graph below.
The lowest unemployment rate got Austria (4.2 percent), the Netherlands (4.9 percent), Luxembourg (5.2 percent) and Germany (5.7 percent). In France it is 10 percent below the average.
The European Commission expressed concern over the developments in labor markets. Despite the importance of saving through cut-backs in the public sector it is necessary to link economic growth and the creation of new jobs more effectively according to a spokesman of the commission. Demographic change, the conversion to a more sustainable technological change and the need for new labor market reforms, as well as a better skilled workforce have also to be taken into account. Concrete solutions have not yet been figured out.