Eurozone jobless rate at record high

Eurostat said that the eurozone jobless rate had risen to 12.1 percent, or 19.2 million people

by The Commentator on 1 July 2013 09:58


Unemployment in the 17 member eurozone rose to a record 12.1 percent in May compared with 12.0 percent in April, according to seasonally adjusted figures released on Monday by Eurostat, the European Union's statistical office.

For the EU as a whole, the jobless rate was stable at 10.9 percent in May compared with the previous month. The absolute number of unemployed in the 27 member European Union (Croatia became the 28th member today, but is not included in the data) was put by Eurostat at 26.4 million, of which 19.2 million were in the eurozone.

Jobless rates vary widely across the EU. Austria has the lowest unemployment at 4.7 percent, with Germany taking second place with 5.3 percent.

The worst performers are Spain and Greece with unemployment rates of 26.9 percent and 26.8 percent respectively.

The UK's unemployment rate was put at 7.7 percent. The majority of EU countries have jobless rates in double figures.

Eurostat also released seasonally adjusted figures for youth unemployment. Greece was the worst performer with 59.2 percent of its young people without a job. In Spain, the figure was 56.5 percent and in Portugal it was 42.1 percent.

The UK's youth unemployment figure (for March) was 20.2 percent. The best performer in the EU on youth jobless rates was Germany with 7.6 percent. Overall, seasonally adjusted youth unemployment was put at 23.0 percent in the EU-27 in May, and 23.8 percent in the euro zone. Both figures represent a small rise from the same month last year.

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