Eurostat has released their latest unemployment data and it is ugly. Unemployment has risen again to 11.1 % overall for the Eurozone led by a rise in Spain as well as a small rise in France. Only a major co-ordinated stimulus well beyond the 140 billion euros spoken of so far combined with banking reform and debt relief and the abolition of deficit hysteria will get Europe out of the high unemployment equilibrium into which it has settled.
According to Eurostat, overall unemployment rose to 11.1 % in May 2012 compared to 11.0 % in April and and 10.0 % in May 2011. For the EU 27 the rate was 10.3 % up from 10.2 % compared to 9.5 % a year earlier. Eurostat estimates that 24.868 million men and women in the EU27, of whom 17.561 million were in the euro area, were unemployed in May 2012. Compared with May 2011, unemployment rose by 1.952 million in the EU27 and by 1.820 million in the euro area.
Among the Member States, the lowest unemployment rates were recorded in Austria (4.1%), the Netherlands (5.1%), Luxembourg (5.4%) and Germany (5.6%), and the highest in Spain (24.6%) and Greece (21.9% in March 2012). The rate was 10.1% in France; 10.1 % in Italy;10.8% in Cyprus; 8.1% in U.K.; 15.2 % in Portugal;14.6 % in Ireland; 7.2% in Belgium; 7.8% in Sweden; and 5.6% in Denmark.