Eurozone Unemployment Rate Reaches Record 11.7 Percent

[News_Editor]

Eurozone unemployment rate reaches record 11.7 percent < br />

2012-12-01 10:12:57 GMT+7 (ICT)

BRUSSELS, BELGIUM (BNO NEWS) -- The unemployment rate in the euro area (EA17) reached a new record high of 11.7 percent in October, up a tenth of a percentage point when compared to the previous month, the European Union (EU) said on Friday. The unemployment rate in the wider EU region also increased.

According to Eurostat, the EU's statistical office, the unemployment rate in the euro area increased by 1.3 percent on a year-to-year basis, with the October 2011 rate at 10.4 percent. Meanwhile, the wider 27-nation EU region (EU27) registered an unemployment rate of 10.7 percent in October, an increase from 10.6 percent in September and up from 9.9 percent in October 2011.

The report's figures also estimated that approximately 25.9 million men and women in the EU27, of whom 18.7 million were in the euro area, were unemployed in October. Compared with the previous month, the number of people unemployed increased by 204,000 in the EU27 and by 173,000 in the euro area.

Compared with October 2011, unemployment rose by 2.16 million in the EU27 and by 2.17 million in the euro area.

Among the EU's Member States, the lowest unemployment rates were recorded in Austria (4.3 percent), Luxembourg (5.1 percent), Germany (5.4 percent), and the Netherlands (5.5 percent). The highest rates were seen in Spain (26.2 percent) and Greece (25.4 percent in August, the latest number available).

Compared with a year ago, the unemployment rate increased in sixteen EU member states, fell in nine and remained stable in Austria and Slovenia. The largest falls were observed in Estonia (11.5 percent to 9.6 percent), Lithuania (14.2 percent to 12.4 percent) and Latvia (15.7 percent to 14.2 percent).

Outside the European Union, the unemployment rate was 7.9 percent in the United States and 4.2 percent in Japan.

-- © BNO News All rights reserved 2012-12-01

[sirchai]

Among the EU's Member States, the lowest unemployment rates were recorded in Austria (4.3 percent), Luxembourg (5.1 percent), Germany (5.4 percent), and the Netherlands (5.5 percent). The highest rates were seen in Spain (26.2 percent) and Greece (25.4 percent in August, the latest number available).

Honestly, it's time to stop the so called European Union, as it just doesn't work. :Let them have their old currencies back and deal with their home made problems. The indebtedness of babies in Germany speaks its own language.

Let Spain have their pesetas and let Greece be Greece. Not even mentioning ex- east block countries like Romania.

[thaibeachlovers]

I haven't been to any Eurozone country except Ireland and Cyprus, but if the rest are as corrupt and incompetent as Ireland, I for one, have no sympathy at all.

While Cyprus didn't appear overtly corrupt, it was certainly incompetent.

I lived in Ireland over a couple of years, so not a casual observation.

Edited December 2, 2012 by thaibeachlovers

[Rancid]

Don't panic, this is just an ongoing temporary abberation. You can trust the EU bureaurats and the European Central Banksters to fix everything, the presses are warming up, the interest rates will be coming down, everything is fine. Don't buy gold, buy governmnet bonds, that is the way forward to safe wealth, what could possibly go wrong?