European Unemployment Declines From All Time High, Youth Unemployment Hits Fresh Record - Full Breakdown

Tyler Durden's picture

Following the "good" news in the inflationary front, in which European November CPI rose and beat expectations if posting the first sub-Japan inflationary rate in Eurozone history, Eurostat followed with more holiday cheer when it reported a surprising decline in the overall Eurozone unemployment rate from 12.2% to 12.1%, the first such drop since late 2010. This was driven by a decline in the jobless rate in France (from 11.1% to 10.9%), Portugal (from 15.8% to 15.7%) Ireland (from 12.7% to 12.6%) and Lithuania (from 11.4% to 11.1%). The offset was as usual Spain which rose to a new record high of 26.7%, and Belgium rising to 9.0%.

The sequential change is shown in the next table:

It was not all good news however, and when one looks at Europe's weakest link - youth unemployment - the number once again rose to a fresh all time high, of 24.4%:

In October 2013, 5.657 million young persons (under 25) were unemployed in the EU28, of whom 3.577 million were in the euro area. Compared with October 2012 youth unemployment decreased by 29 000 in the EU28, but increased by 15 000 in the euro area. In October 2013, the youth unemployment rate5 was 23.7% in the EU28 and 24.4% in the euro area, compared with 23.3% and 23.7% respectively in October 2012. In October 2013, the lowest rates were observed in Germany (7.8%), Austria (9.4%) and the Netherlands (11.6%), and the highest in Greece (58.0% in August 2013), Spain (57.4%) and Croatia (52.4% in the third quarter of 2013).

Of all, Spain was most notable, because its record high youth unemployment rate of 57.4%, is now just why of the sad Greek record of 58.0%. At this pace there should be parity between the two countries in 1-2 months.