EU Economy
Eurozone unemployment rate at 11.8% in November 2012; Austria lowest at 4.5%; Spain highest at 26.6%
By Finfacts Team
Jan 8, 2013 - 11:28 AM

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The Eurozone (EA17) seasonally-adjusted unemployment rate was 11.8% in November 2012 - -  a new record since 1999 - - up from 11.7% in October. The EU27 unemployment rate was 10.7% in November 2012, stable compared with October. In both zones, rates have risen markedly compared with November 2011, when they were 10.6% and 10.0% respectively. These figures are published by Eurostat, the statistics office of the European Union. Austria's rate was lowest at 4.5%; Spain's was highest at 26.6%.

Eurostat estimates that 26.06m men and women in the EU27, of whom 18.82m were in the Eurozone, were unemployed in November 2012. Compared with October 2012, the number of persons unemployed increased by 154,000 in the EU27 and by 113,000 in the Eurozone. Compared with November 2011, unemployment rose by 2.012m in the EU27 and by 2.015m in the Eurozone.

Among the member countries, the lowest unemployment rates were recorded in Austria (4.5%), Luxembourg (5.1%), Germany (5.4%) and the Netherlands (5.6%), and the highest in Spain (26.6%) and Greece (26.0% in September 2012).

Compared with a year ago, the unemployment rate increased in eighteen member countries, fell in seven and remained stable in Denmark and Hungary. The largest decreases were observed in Estonia (12.1% to 9.5% between October 2011 and October 2012), Latvia (15.7% to 14.1% between the third quarters of 2011 and 2012), and Lithuania (13.9% to 12.5%). The highest increases were registered in Greece (18.9% to 26.0% between September 2011 and September 2012), Cyprus (9.5% to 14.0%), Spain (23.0% to 26.6%) and Portugal (14.1% to 16.3%).

Ireland rate was 14.6% but would be over 20% absent emigration, according to the IMF.

Between November 2011 and November 2012, the unemployment rate for males increased from 10.4% to 11.7% in the Eurozone and from 9.9% to 10.8% in the EU27. The female unemployment rate rose from 10.9% to 11.8% in the Eurozone and from 10.1% to 10.7% in the EU27.

In November 2012, 5.79m young persons (under 25) were unemployed in the EU27, of whom 3.73m were in the Eurozone. Compared with November 2011, youth unemployment rose by 329,000 in the EU27 and by 420,000 in the Eurozone. In November 2012, the youth unemployment rate was 23.7% in the EU27 and 24.4% in the Eurozone, compared with 22.2% and 21.6% respectively in November 2011. In November 2012 the lowest rates were observed in Germany (8.1%), Austria (9.0%) and the Netherlands (9.7%), and the highest in Greece (57.6% in September 2012) and Spain (56.5%).

The Youth rates exaggerate the actual number of jobless young people  as the denominator excludes youth in full-time education: Euro on Respirator: Claims of glimmers of light; Is youth unemployment as bad as it seems?

In November 2012, the unemployment rate was 7.8% in the USA and 4.1% in Japan.

The Eurozone (EA17) consists of Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

The EU27 includes Belgium (BE), Bulgaria (BG), the Czech Republic (CZ), Denmark (DK), Germany (DE), Estonia (EE), Ireland (IE), Greece (EL), Spain (ES), France (FR), Italy (IT), Cyprus (CY), Latvia (LV), Lithuania (LT), Luxembourg (LU), Hungary (HU), Malta (MT), the Netherlands (NL), Austria (AT), Poland (PL), Portugal (PT), Romania (RO), Slovenia (SI), Slovakia (SK), Finland (FI), Sweden (SE) and the United Kingdom (UK).

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