European Unemployment By Country: Youth Unemployment In Greece, Spain Remains Over 50%

Eurostat reported moments ago that European CPI came in flat in March, as expected, and up a fraction from a modest -0.1% print last month, driven entirely by an ongoing 5.8% drop in energy prices, while food, services and goods all posted modest increases in the past month.

To some this was another indication that the deflation in the Eurozone is ending. Of course, if that is the case, it is risk negative and EUR positive because in addition to yesterday's first positive loan creation print in 3 years, the ECB's QE may not even need to last until September of 2016 before European inflation comes back with a bang.

On the other hand, looking at the other Eurostat release today, showing that European unemployment remained flat at 11.3%, despite expectations of a modest decline to 11.2%, with Italy's 13% print leading the rise in unemployment up from 12.7%, and far worse than the 12.6% expected, and suddenly the end to Draghi's QE does not look that imminent. This follows the March unemployment print which not only missed consensus but was worse than the highest estimate.

European unemployment broken down by country:

But the scariest data, once again, is revealed in the table of European youth unemployment. Here we see that both Spain and Greece now share the same youth unemployment figure of 50.1%, while Italy has reversed its recent improving trend, and is now at 43.1% and rising.

For anyone asking why Europe's politicians are terrified at the anti "austerity" wave that is just over the horizon, the table above should have all the answers.