European unemployment continues to break records

  • The dynamics of unemployment in the European Union and the euro area from 2000 to 2013.  (Eurostat)
  • The dynamics of unemployment in the European Union and the euro area from 2000 to 2013. (Eurostat)

 

The number of unemployed in the 27 countries of the European Union has once again reached record levels since the inception of the EU, Eurostat notes in its report today. According to sociologists, in April, the number of unemployed increased by 104 Union 000 to 26,588,000, representing 11% of the total working population of the EU.

In turn, unemployment of 17 countries of the euro area rose by 95,000 to 19.375 million people, or 12.2% of the economically active population. Economist Ernst & Young Tom Rogers, specializing in the European economy, has no doubt that unemployment in the eurozone will overcome the threshold of 20 million in the coming months. In his view, a particularly alarming are the high rates of youth unemployment (23.5% in the EU and 24.4% in the euro area). Rogers believes that this factor will continue to slow down the economic recovery of the region.

The highest unemployment rate in the EU is still in Spain (26.8%)
and Greece (27%), and it is in Greece had the highest annual rate of rise in Europe (21.9% in 2012). A little more modest growth dynamics was in Cyprus (from 11.2% to 15.6%), Spain (from 24.4% to 26.8%) and Portugal (from 15.4% to 17.8%).

The lowest unemployment rate EU — in Austria (4.9%), Germany (5.4%) and Luxembourg (5.6%). The most significant drop in the annual rate of unemployment recorded in Latvia (from 15.5% to 12.4%), Estonia (from 10.6% to 8.7%) and Ireland (from 14.9% to 13.5%).

In comparison, the U.S. unemployment rate in April was 7.5%, and in Russia — 5.6%.  

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