Eurozone unemployment increases to 10 percent

[Hannah Bell]

By Stefan Steinberg
1 February 2010
Unemployment in the 16 countries comprising the eurozone increased to an official average of 10 percent in December—the highest level of unemployment since the introduction of the euro in 1999. According to the EU statistical office Eurostat, there are now 15.8 million people unemployed in the eurozone and a total of 23 million out of work in all of the 27 countries people belonging to the EU.

Unemployment rates vary within Europe with some countries notching twice the average rate of unemployment. The western European country with the highest rate of unemployment is Spain, with 19.5 percent in December. In Eastern Europe this figure is exceeded by Latvia, which has the highest jobless rate in the EU—22.8 percent.

The official figures issued by Eurostat are only a rough indication of unemployment rates, which in many countries are actually much higher. The official figures do not include those who have given up looking for work but have not registered as unemployed. Nor does the official statistic include the underemployed, including those millions working part-time jobs for an income that barely allows them to survive. It has been estimated, for example, that around 2.5. Million people in Germany are employed on such a basis.

Of the tens of millions condemned to unemployment as the repercussions of the international economic crisis begin to bite, young people are the worst affected section of the population.

On average, unemployment rates amongst young people are double the average for older layers of the working population. According to Eurostat, over 21 percent of under-25s in the eurozone were unemployed in December 2009. One year ago this total stood at 16.9 percent. Once again Spain topped the table with a youth unemployment rate of 44.5 percent.

http://www.wsws.org/articles/2010/feb2010/euro-f01.shtml


slo-mo world-wide depression 2.0?

[Skink]

1. Let me guess their official figures are actual official figures.

on edit I guess not.

[Hannah Bell]

2. "According to the EU statistical office Eurostat"

[Go2Peace]

3. 10% unemployment yet they have a social net and life remains quality for most

I don't know why we have to be so darn threatened by the European systems. Even during a serious downturn everyone in these countries has health care, the vast majority do not have to worry about a roof over their heads, even if unemployed, and the quality of life suffers very little.

Contrast that to our model, where every downturn millions of people go through hell. Where even in the best of times we still leave millions homeless and without basic human needs.

We are irrationally attached to an inferior way of thinking.