A new report published today by the Eurostat statistical agency has shown that the unemployment rate of the Eurozone remains at 11.9%, just shy of its highest recorded unemployment rate, 12.1%, which occurred in 2013. Overall, the number of people unemployed in the Eurozone dropped by about 30,000. However, there are still around 19,000,000 still out of work.
The results vary dramatically from country to country. While Germany is experiencing a low rate of 5.1%, countries that were forced to make spending cuts to reduce debt are incurring very high unemployment rates. For example, Spain is still suffering the worst, as I mentioned in a previous post. Their unemployment rates remain above 25%, with Greece not far behind. Italy’s unemployment rate is also moving in the wrong direction. It is now at 13% compared to 12.8% last month.
As mentioned in my previous article, the youth are still the worst affected. Unemployment rates for people under 25 throughout the Eurozone only dropped from 23.6% to 23.5% almost double the overall rate of 11.9%. While the job markets are not ideal for those of us graduating this spring, it is still much better to be here in America than in the Eurozone or EU as a whole.