Eurozone unemployment rises to 11.1 %.A major stimulus is required.

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.

All data courtesy of Eurostat.
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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.
This entry was posted in austerity, business cycles, deficit hysteria, deficits and debt, European debt crisis, European unemployment, France politics+economy, Greek sovereign debt crisis, Italian debt crisis, Spain, Uncategorized, unemployment. Bookmark the permalink.

One Response to Eurozone unemployment rises to 11.1 %.A major stimulus is required.

  1. romain cansaran says:

    Hi Professor Chorney, if you get this can you please email me at rcansaran@gmail.com

    thank you

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