Eurozone Unemployment Rises in August

The unemployment level in the euro area (EA17) rose to 11.4% in August, which matched July’s number. The jobless figure for the broader EU27 was 10.5%. Both figures demonstrate the extent to which recession has gripped the region, and the long odds that face Europe as it tries to dig out of a deepening recession.

According to EuroStat, Germany continues to have low unemployment at a level of 5.5%. Greece’s unemployment level was at a terribly high 24.4% (Greek numbers cover June). And Spain, the area nation that has had the highest unemployment rates for months, the number was 25.1%.

Eurostat estimates that 25.466 million men and women in the EU27, of whom 18.196 million were in the euro area,were unemployed in August 2012. Compared with July 2012, the number of persons unemployed increased by49 000 in the EU27 and by 34 000 in the euro area. Compared with August 2011, unemployment rose by 2.170 million in the EU27 and by 2.144 million in the euro area.

Douglas A. McIntyre