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Europe – Unemployment reaches news high

31 October 2012

European unemployment continues to rise with the latest statistics showing that joblessness in the Euro countries was up +1.3% in September when compared to a year ago, taking the rate to a record of 11.6%. This means that unemployment rose by over 2.1 million within the course of the year.

In all EU States, the joblessness rate stood at 10.6%, up from 9.8% in September 2011. By comparison, the US saw an unemployment rate of 7.8% in September and Japan posted a rate of 4.2%.

Since August, joblessness increased by 169,000 in the EU. The lowest jobless figures were seen in Austria (4.4%), Luxembourg (5.2%), Germany and the Netherlands (both 5.4%).  Debt-stricken Spain (25.8%) and Greece (25.1% in July 2012) posted the highest rates.

Eurostat, which provides the monthly statistics, said that unemployment rose in 20 of the 27 member states within a year, particularly across Southern Europe.

Greece, Cyprus, Spain and Portugal recorded the largest year-on-year increase in unemployment. Eastern European countries such as Lithuania, Estonia and Latvia have seen the biggest falls in unemployment.

Youth unemployment remained high, affecting 5.5 million young people aged under 25 in Europe. The youth unemployment rate reached a worrying 22.8% in September compared with 21.7% last year. 

Click below to view country-specific unemployment rates in Europe.

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