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Eurozone Jobs Numbers Continue to Deteriorate
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The jobs numbers coming out of the eurozone continue to be relentlessly worse by the month, and there is not one sign of a turnaround. Eurostat released data for the euro area, and by nation, for November:
Source: Thinkstock
The euro area (EA17) seasonally-adjusted unemployment rate was 11.8% in November 2012, up from 11.7% in October. The EU271 unemployment rate was 10.7% in November 2012, stable compared with October4. In both zones, rates have risen markedly compared with November 2011, when they were 10.6% and 10.0% respectively.
The complexion of the problem, or the lack of one, country by country, has not changed:
Among the Member States, the lowest unemployment rates were recorded in Austria (4.5%), Luxembourg (5.1%), Germany (5.4%) and the Netherlands (5.6%), and the highest in Spain (26.6%) and Greece (26.0% in September 2012).
The financial crisis in the region may be over for now, but it is hard to see how it cannot return in some form as Europe dips more rapidly into a recession.
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