Europe’s latest unemployment statistics are a horror story.
Apart from a false revival in 2011, the soaring line at the end of the graph shows almost uninterrupted job losses in the European Union since the global financial crisis — and rising sharply over the past two years as the Eurozone has lapsed back into recession after governments introduced sweeping austerity measures.
There’s misery in the raw numbers too: more than 19 million people out of work in the Eurozone area. Across the broader EU there were 26 million unemployed.
An Ernst & Young economic advisor told AP: “The economic and social consequences of high unemployment continue to represent one of the most significant threats to the future of the eurozone.”
The worst affected countries are:
- Greece (26.4%)
- Spain (26.3%)
- Portugal (17.5%)
Austria (4.8%), Germany (5.4%), and Luxembourg (5.5%), are performing best.
To compare the situation with Australia, consider the x-axis on the graph above starts at 6% – so Australia’s unemployment rate in recent years wouldn’t even get on the chart.
The last time unemployment in Australia was above 6% was back in July 2003.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.