Record Unemployment Figures Spell Doom For Europe
PARIS - On Friday, the European statistics agency Eurostat, released new European Union and euro zone unemployment figures from January, showing record highs.
Here is a breakdown of the alarming numbers:
- More than 26 million people unemployed in the 27-member European Union.
- Almost 19 million unemployed in the 17-country euro zone.
- Euro zone average: 11.9% unemployment
- European Union average: 10.8% unemployment
- Highest rates:
- Lowest rates:
Germany and Luxemburg: 5.3%
- The U.S.: 7.9% unemployment in Jan. 2013.
- Australia: 5.4%
- Japan: 4.2%
Not surprisingly, youth unemployment was also up:
- Euro zone youth unemployment: 24.2%, up from 21.9 in Jan. 2012.
- European Union under-25 unemployment: 23.6%, up from 22.4% in Jan. 2012.
The worst European countries for youths:
- Greece: 59.4% youth unemployment rate.
- Spain: 55.5% youth unemployment rate.