Greek’s never ending Calvary: Unemployment. Every month, a new record. Unemployment reached 22.5% in April – in comparison 21.9% a month earlier and 16.2% a year earlier. According to Eurostat, Greece has the second-highest unemployment rate within the European Union, after Spain that sadly leads with 24.8% (June data).
However Greeks are not alone, as unemployment rose both in the EU of 27 and the Euro Zone. Eurostat estimates that 25.112 million men and women in the EU27 are without job, while in the euro area there are 17.801 million.
“Among the Member States, the lowest unemployment rates were recorded in Austria (4.5%), the Netherlands (5.1%), Germany and Luxembourg (both 5.4%), and the highest in Spain (24.8%) and Greece (22.5% in April 2012).”
Compared with a year ago, the unemployment rate fell in seven Member States, increased in nineteen and remained stable in Sweden.
“The highest increases were registered in Greece (16.2% to 22.5% between April 2011 and April 2012), Spain (21.2% to 24.8%) and Cyprus (7.6% to 10.5%).”
Unemployment is especially striking among the youth (under 25). In June 2012, 5.472 million young persons were unemployed in the EU27 , of whom 3.359 million were in the euro area.
“The highest rates were observed in Greece (52.8% in April 2012) and Spain (52.7%).”
Based on the ILO definition, Eurostat defines unemployed persons as persons aged 15 to 74 who: are without work; are available to start work within the next two weeks; and have actively sought employment at some time during the previous four weeks.
According to Eurostat, with 1.2% difference when compared to June 2011, unemployment is described as stable.
“The euro area (EA17) seasonally-adjusted unemployment rate was 11.2% in June 2012, stable compared with May 4. It was 10.0% in June 2011. The EU27 unemployment rate was 10.4% in June 2012, also stable compared with May . It was 9.5% in June 2011.”
But that’s the statistics.
From what I hear, no EU official ever dared say to 127,000 new jobless in EU27 and 123,000 new jobless in EA17 that their situation was …stable!