Europe's Horrific Unemployment Situation Is Stabilizing

Spain unemployment jobless line office depressionREUTERS/Juan MedinaPeople wait in a queue to enter a government-run employment office in Madrid July 25, 2013. Spanish unemployment fell for the first time in two years in the second quarter, surprising markets and supporting the government’s contention that the worst of the country’s economic slump may be over.

The July European unemployment numbers are out, and the good news is that they’re not getting worse.

The euro area unemployment rate in July was unchanged at 12.1%. The youth unemployment rate is at an ugly 24.0%.

From the press release:

The euro area (EA17) seasonally-adjusted unemployment rate was 12.1% in July 2013, stable compared with June. The EU28 unemployment rate was 11.0%, also stable compared with June. In both zones, rates have risen compared with July 2012, when they were 11.5% and 10.5% respectively. These figures are published by Eurostat, the statistical office of the European Union. Eurostat estimates that 26.654 million men and women in the EU28, of whom 19.231 million were in the euro area, were unemployed in July 2013. Compared with June 2013, the number of persons unemployed decreased by 33,000 in the EU28 and by 15,000 in the euro area. Compared with July 2012, unemployment rose by 995,000 in the EU28 and by 1.008 million in the euro area.

From Eurostat:

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