Eurostat has released the latest unemployment data for the Eurozone 17. It does not make for pleasant reading. Because of the foolish contractionary austerity policies being implemented there, as expected unemployment is rising. It is now 10 % in France, Belgium 7.2 %, 9.3 % in Italy, 23.6 % in Spain, 14.7 % in Ireland and 21.0 % in Greece. Austria on the other hand has 4.2 % unemployment, Germany 5.7 %, Netherlands 4.9 %, Denmark 7.9 %, and Sweden 7.5 %. The unemployment rate in the U.K. which is , of course, not in the Euro zone, is 8.3%. However, they too are foolishly following a contractionary austerity policy. From February 2011 to February 2012 male unemployment has increased from 9.7 to 10.7% in the Euro17 area and for females from 10.3 to 11%. These increases are greater than the rise in unemployment in the broader EU27.
Youth unemployment is also rising in many countries. The rate is 8.2% in Germany,9.4 % in the Netherlands but unbelievably 50.4 % in Greece and 50.5 % in Spain.It is also elevated in Italy 31.9%, Ireland 31.6%, France 21.7%, Portugal 35.4%, and Sweden 23.5 %. It is high in the U.S. 16.5% and the U.K. 22 %.
With rates of unemployment as high as these it is no surprise to see rising dissatisfaction and social unrest. A sane policy in these circumstances would emphasize spending to stimulate the economy. But sadly reason seems in short supply these days in the policy making circles which run Europe. See Eurostat for the complete data report.