by Calculated Risk on 7/01/2013 09:00:00 PM

More grim news from Europe: Joblessness Edges Higher To Hit a Euro Zone Record

Unemployment in the euro zone continued its steady rise in May ... The jobless rate in the 17 countries that belong to the euro zone was 12.1 percent in May, adjusting for seasonal effects, according to a report from Eurostat, the European Union statistics agency. That figure compared with 12 percent in April ...

Joblessness in the euro zone has been rising almost without interruption since early 2008, when the financial crisis began, declining only briefly at the beginning of 2011. And analysts see little prospect for a sustained decline anytime soon ... Unemployment rates in Spain and Greece were about 27 percent in May, with youth unemployment remaining well above 50 percent. ... If there was any good news, economists said, it was that unemployment may not go up much more.

That is the "good news"?  Oh my ... epic failure.  Here is the Eurostat unemployment data.

Tuesday:
• All day: Light vehicle sales for June. The consensus is for light vehicle sales to increase to 15.5 million SAAR in June (Seasonally Adjusted Annual Rate) from 15.3 million SAAR in May.

• At 10:00 AM, the Manufacturers' Shipments, Inventories and Orders (Factory Orders) for May. The consensus is for a 2.0% increase in orders.