Eurozone Joblessness Hits New High
Zone may not exit recession this quarter
By Newser Editors and Wire Services
Posted Jul 1, 2013 12:21 PM CDT
People queue outside an unemployment registry office in Madrid, Spain, in this file photo dated Monday, May 6, 2013.   (AP Photo/Paul White, FILE)

(Newser) – Unemployment across the 17 European Union countries that use the euro hit another all-time high in May, official data showed today. Eurostat, the EU's statistics office, said the eurozone's unemployment rate rose 0.1 percentage point in May to 12.1%. April's unemployment rate was initially estimated to be 12.2%, but it was revised down to 12% thanks to new data. The figures will make sobering reading for the region's politicians as they gather this week to tackle youth unemployment—nearly one in four people aged under-25 are out of work—and the damage it is doing to the eurozone's economy and social fabric.

Across the eurozone, there were 19.22 million people unemployed, 67,000 higher than the previous month, though a closer look shows that Italy was largely behind the increase. Even though the monthly rises outside of Italy were relatively modest, analysts still expect unemployment in the eurozone to continue to rise as the region remains stuck in recession that started in late 2011. Most economists think it will be a close call whether the eurozone's recession comes to an end this quarter. The eurozone's poorest performers were Spain, at 26.9%, and Greece, with 26.8%.

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Jul 2, 2013 12:43 AM CDT
Capitalism doesn't work without significant investment in people and infrastructure. And constant investment at that. Proof positive that arbitrary cuts in spending are bad. Smart use of money = gooood bad use of money = baaaaaad just cutting spending to many things needed to keep an economy rooted in capitalism alive doesn't work. Yes, that one was for rightie....
Jul 1, 2013 8:23 PM CDT
Clearly Austerity is doing exactly what it is meant to: Creating a permanent underclass of cheap labor for ready exploitation.
Jul 1, 2013 5:03 PM CDT
Reminds one of The Great Depression where Lincoln's concept of Mechanization of Agriculture (by eliminating slavery) finally took hold by 1929- My mom (born 1909) cooked for a crew of 2 dozen men when she was 10 By the time she got out of in 1929, it only took 4 to 6 men to do her dad's mile section of wheat. Where'd the other 20 or so men go? Went up to the city to look for work, called it "The Great Depression" and teenagers showed up at the back door offereing to chop cotton for a plate of food- carrying a chopping hoe, they were called "HOE BOYS".......later shortened to "HO BOs" Bet you never heard any of this in your history lessons did you? Learn more TRUTH by listening to old timers who LIVED THRU thru the history, I mean THEY WERE THERE! than by later historians who write books about it and were never even there to experience what really happened