Many economists are hailing the fact that today’s Eurozone unemployment figure is a further sign of stabilization in an improving European economy it’s not. Unemployment across the EZ held steady and close to record highs, whatever recovery is occurring it has had little to no impact on getting people back into work.
Today’s data shockingly revealed that youth unemployment across the region jumped to a new all time high of 40.1% The youth unemployment rate was 0.4% higher in August than in July and 5.5% up on the same month in 2012. The rate had never been over 40% since Istat started using its current calculation method in January 2004 for monthly data and in the first quarter of 1997 for quarterly data.
Official figures released by the European Union’s Statistics office Eurostat said that unemployment was unchanged at 12% in August from the preceding month. According to the ‘official’ figures the number of people unemployed across Europe fell by 5,000 to 19.18 million.
In contrast Germany which is hailed as Europe’s golden child surprised economists today when it posted data showing that the number of unemployed in Europe’s biggest economy jumped by 25,000 pushing up the nation’s jobless rate to 6.9%. Other countries also posted increases to their jobless rates with Italy posting a return to the record high level of 12.2%.
EU Employment Commissioner Laszlo Andor said the fall in the numbers was encouraging but “clearly it is unacceptable” that so many should still be without work.
“The recent improvements are minimal and the situation is still very fragile. This is no time for celebration or complacency,” Andor said.
Highlighting the challenges ahead and the damage done by the economic slump and debt crisis the figures also showed that the jobless total in both the Eurozone and EU has increased by around one million compared with July the previous year. Unemployment in Spain and Greece remains close to 25%.
Euro (EUR) Exchange Rates
As of 11:00 am
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3541
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8341
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4364
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6324
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.3964
