Unemployment In Europe Improves By A Tiny Bit

The unemployment rate in the euro area slipped to 11.5% in June from 11.6% in May.

This was marginally better than the 11.6% unemployment rate forecasted by economists.

Still, this is up from 10.2% a year ago, and it reminds us that Europe continues to have problems.

And the story continues to be very uneven.

The German unemployment rate stands at 6.7%, but in Italy the unemployment rate is at 12.3%.

It’s even worse in Spain and Greece where the unemployment rates are at 24.5% and 27.3%, respectively.

Young people continue to see the worst of it. From Eurostat: “In June 2014, 5.129 million young persons (under 25) were unemployed in the EU28, of whom 3.319 million were in the euro area. Compared with June 2013, youth unemployment decreased by 506 000 in the EU28 and by 244 000 in the euro area. In June 2014, the youth unemployment rate5 was 22.0% in the EU28 and 23.1% in the euro area, compared with 23.6% and 23.9% respectively in June 2013. In June 2014, the lowest rates were observed in Germany (7.8%), Austria (9.0%) and the Netherlands (10.5%), and the highest in Greece (56.3% in April 2014), Spain (53.5%) and Italy (43.7%).”

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