Countries under Brussels’ austerity suffer extra-unemployment penalty

The euro are seasonally-adjusted unemployment rate was 11.8% in November 2012, up from 11.7% in October and 1.1% higher than the average in the European Union, with 10.7%–stable compared with October. In both zones, though, rates have risen markedly compared with November last year, when they were 10.6% and 10.0% according to figures published by Eurostat, the statistical office of the Union.

Eurostat estimates that 26.061 million men and women in the EU, of whom 18.820 million were in the euro area, were unemployed in November 2012. Compared with October 2012, the number of persons unemployed increased by 154,000 in the EU and by 113,000 in the euro area. Compared with November 2011, unemployment rose by 2.012 million in the EU and by 2.015 million in the euro area.

Among the member States, the lowest unemployment rates were recorded in Austria (4.5%), Luxembourg (5.1%), Germany (5.4%) and the Netherlands (5.6%), and the highest in Spain (26.6%) and Greece (26.0% in September 2012).

Compared with a year ago, the unemployment rate increased in eighteen member States, fell in seven and remained stable in Denmark and Hungary. The largest decreases were observed in Estonia (12.1% to 9.5% between October 2011 and October 2012), Latvia (15.7% to 14.1% between the third quarters of 2011 and 2012), and Lithuania (13.9% to 12.5%). The highest increases were registered in Greece (18.9% to 26.0% between September 2011 and September 2012), Cyprus (9.5% to 14.0%), Spain (23.0% to 26.6%) and Portugal (14.1% to 16.3%).

Between November 2011 and November 2012, the unemployment rate for males increased from 10.4% to 11.7% in the euro area and from 9.9% to 10.8% in the EU. The female unemployment rate rose from 10.9% to 11.8% in the euro area and from 10.1% to 10.7% in the EU.

In November 2012, 5.799 million young persons (under 25) were unemployed in the EU, of whom 3.733 million were in the euro area. Compared with November 2011, youth unemployment rose by 329,000 in the EU and by 420,000 in the euro area. In November 2012, the youth unemployment rate was 23.7% in the EU and 24.4% in the euro area, compared with 22.2% and 21.6% respectively in November 2011.

In November 2012 the lowest rates were observed in Germany (8.1%), Austria (9.0%) and the Netherlands (9.7%), and the highest in Greece (57.6% in September 2012) and Spain (56.5%).

In November 2012, the unemployment rate was 7.8% in the USA and 4.1% in Japan.