Euro Area Unemployment Stays High at 12.1%

If unemployment is at the foundation of measurements of national economic health, then the euro area and European Union remain crippled with little hope in sight for a recovery. According to Eurostat:

The euro area (EA17) seasonally adjusted unemployment rate was 12.1% in November 2013, stable since April. The EU28 unemployment rate was 10.9%, stable since May. In both zones, the rates increased compared with November 2012, when they were 11.8% and 10.8% respectively. These figures are published by Eurostat, the statistical office of the European Union. Eurostat estimates that 26.553 million men and women in the EU28, of whom 19.241 million were in the euro area were unemployed in November 2013. Compared with October 201 3 the number of persons unemployed increased by 19,000 in the EU28 and by 4000 in the euro area. Compared with November 2012, unemployment rose by 278,000 in the EU28 and by 452,000 in the euro area.

As would be expected, the nations of southern Europe, so badly crippled by recession, took the worst of it.

Among the Member States, the lowest unemployment rates were recorded in Austria (4.8%), Germany (5.2%) and Luxembourg (6.1%), and the highest in Greece (27.4% in September 2013) and Spain (26.7%).

So much for a quick turn upward, as well as the argument about whether austerity or stimulus is the way out of the conditions.