Euro Area Unemployment Reaches 10.4%--Eurostat

Eurostat, the official statistics bureau of the EU, reports that euro area unemployment reach 10.4%–an all-time high. The EU 27 rate was 9.9%

The agency wrote

Eurostat estimates that 23.816 million men and women in the EU27, of whom 16.469 million were in the euro area, were unemployed in December 2011. Compared with November 2011, the number of persons unemployed increased by 24 000 in the EU27 and by 20 000 in the euro area. Compared with December 2010, unemployment rose by 923 000 in the EU27 and by 751 000 in the euro area.

The figures show just how massive the economic challenge facing the area is. Austerity measures, which have been adopted in many of the region’s nations, is believe to be the enemy of job creation. Most nations cannot afford stimulus packages, if they are to get aid from the IMF and their larger peers.

It is a vicious cycle