Europe’s unemployment remains extremely high at 11% in April. Eurostat economists reported that:
The euro area (EA17) seasonally-adjusted unemployment rate3 was 11.0% in April 2012, stable compared with March. It was 9.9% in April 2011. The EU271 unemployment rate was 10.3% in April 2012, compared with 10.2% in March. It was 9.5% in April 2011.
Country by country, numbers were based in February readings. The situation was bloody for the countries where bad news was expected. Spain’s unemployment rose from 20.7% to 24.3%. Greece’s rose from 15.2% to 21.7%. There is absolutely no way these economies can recover with such a large portion of the population unemployed.
Douglas A. McIntyre