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Economy

Record Unemployment Figures Spell Doom For Europe

Worldcrunch

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:

Greece: 27%

Spain 26.2%

Portugal: 17.6%

- Lowest rates:

Austria: 4.9%

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.

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