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Economy

Euro Area Unemployment Stays High at 12.1%

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By Douglas A. McIntyre Published
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If unemployment is at the foundation of measurements of national economic health, then the euro area and European Union remain crippled with little hope in sight for a recovery. According to Eurostat:

The euro area (EA17) seasonally adjusted unemployment rate was 12.1% in November 2013, stable since April. The EU28 unemployment rate was 10.9%, stable since May. In both zones, the rates increased compared with November 2012, when they were 11.8% and 10.8% respectively. These figures are published by Eurostat, the statistical office of the European Union. 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 201 3 the number of persons unemployed increased by 19,000 in the EU28 and by 4000 in the euro area. Compared with November 2012, unemployment rose by 278,000 in the EU28 and by 452,000 in the euro area.

As would be expected, the nations of southern Europe, so badly crippled by recession, took the worst of it.

Among the Member States, the lowest unemployment rates were recorded in Austria (4.8%), Germany (5.2%) and Luxembourg (6.1%), and the highest in Greece (27.4% in September 2013) and Spain (26.7%).

So much for a quick turn upward, as well as the argument about whether austerity or stimulus is the way out of the conditions.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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