Europe Just Released A Horrific Set Of Unemployment Stats

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.

New data is out from Europe and it’s ugly.

Euro zone unemployment was a record-high 12.2% in September. August’s number was revised up to 12.2% from an earlier estimate of 12.2%

Economists were hope for a 12.0% rate.

Spain’s unemployment rate stood at a horrific 26.6%, and Italy’s climbed to 12.5%.

Germany, on the other hand, saw its unemployment rate slip to 5.2%.

The youth unemployment rate climbed to 24.1% from 24.0%.

Meanwhile, inflation in the area came in at 0.7% year-over-year, which was much lower than the 1.1% expected by economists..

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