Euro area unemployment rises to 10.9 %

According to Eurostat unemployment has increased in the Euro area to 10.9 %. This is a clear sign that austerity policies do not result in lower unemployment. Below I reproduce courtesy of Eurostat part of their press release.

March 2012

Euro area unemployment rate at 10.9%      EU27 at 10.2%

The euro area1 (EA17) seasonally-adjusted unemployment rate was 10.9% in March 2012, compared with 10.8%  in February. It was 9.9% in March 2011. The EU271 unemployment rate was 10.2% in March 2012, stable compared with February. It was 9.4% in March 2011.

Eurostat estimates that 24.772 million men and women in the EU27, of whom 17.365 million were in the euro area, were unemployed in March 2012. Compared with February 2012, the number of persons unemployed increased by 193 000 in the EU27 and by 169 000 in the euro area. Compared with March 2011, unemployment rose by 2.123 million in the EU27 and by 1.732 million in the euro area.

These figures are published by Eurostat, the statistical office of the European Union.

Among the Member States, the lowest unemployment rates were recorded in Austria (4.0%), the Netherlands  (5.0%), Luxembourg (5.2%) and Germany (5.6%), and the highest in Spain (24.1%) and Greece (21.7% in January 2012).

Compared with a year ago, the unemployment rate fell in eight Member States and increased in nineteen. The largest falls were observed in Lithuania (17.5% to 14.3% between the fourth quarters of 2010 and 2011), Latvia (17.1% to 14.6% between the fourth quarters of 2010 and 2011) and Estonia (13.9% to 11.7% between the fourth quarters of 2010 and 2011). The highest increases were registered in Greece (14.7% to 21.7% between January 2011 and January 2012), Spain (20.8% to 24.1%) and Cyprus (6.9% to 10.0%).

Between March 2011 and March 2012, the unemployment rate for males increased from 9.7% to 10.8% in the euro area and from 9.3% to 10.2% in the EU27. The female unemployment rate rose from 10.2% to 11.2% in the euro area and from 9.6% to 10.3% in the EU27.

In March 2012, 5.516 million young persons (under 25) were unemployed in the EU27, of whom 3.345 million were in the euro area. Compared with March 2011, youth unemployment increased by 303 000 in the EU27 and by 163 000 in the euro area. In March 2012, the youth unemployment rate was 22.6% in the EU27 and 22.1% in the euro area. In March 2011 it was 21.0% and 20.6% respectively. The lowest rates were observed in Germany (7.9%), Austria (8.6%) and the Netherlands (9.3%), and the highest in Greece (51.2% in January 2012) and Spain (51.1%).

In March 2012, the unemployment rate was 8.2% in the USA. In February 2012 it was 4.5% in Japan.

Unemployment in some leading Euro  and non Euro area countries.

Spain      24.1 %

Greece    21.7

Portugal  15.3

Ireland    14.5

Belgium 12.6

France 10.0

Italy  9.8

U.K. 8.2

Sweden  7.3

Denmark 8.1

Finland    7.5

Belgium  7.3

Germany 5.6

Netherlands 5.0

Austria     4.0


About haroldchorneyeconomist

I am Professor of political economy at Concordia university in Montréal, Québec, Canada. I received my B.A.Hons (econ.&poli sci) from the University of Manitoba. I also completed my M.A. degree in economics there. Went on to spend two years at the London School of Economics as a Ph.D. student in economics and then completed my Ph.D. in political economy at the University of Toronto. Was named a John W.Dafoe fellow, a CMHC fellow and a Canada Council fellow. I also was named a Woodrow Wilson fellow in 1968 after completing my first class honours undergraduate degree. Worked as an economist in the area of education, labour economics and as the senior economist with the Manitoba Housing and Renewal Corporation for the Government of Manitoba from 1972 to 1978. I also have worked as an economic consultant for MDT socio-economic consultants and have been consulted on urban planning, health policy, linguistic duality and public sector finance questions by the governments of Manitoba, Saskatchewan,the cities of Regina and Saskatoon, Ontario and the Federal government of Canada. I have also been consulted by senior leaders of the British Labour party, MPs from the Progressive Conservative party, the Liberal party and the New Democrats on economic policy questions. Members of the Government of France under the Presidency of Francois Mitterand discussed my work on public sector deficits. I have also run for elected office at the municipal level. I first began to write about quantitative easing as a useful policy option during the early 1980s.
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