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Saturday, January 09, 2010

Eurozone Unemployment also at 10%

by Calculated Risk on 1/09/2010 09:32:00 AM

Forgot to mention yesterday that unemployment in the eurozone also hit 10%:

From the Financial Times: Eurozone unemployment hits 10%

The Netherlands’ jobless rate is 3.9 per cent ... Spanish unemployment ... is at 19.4 per cent, nearly three times its level before its credit-fuelled economy collapsed. Germany has 7.6 per cent unemployment.
The jobless rate has been contained by extraordinary measures that have protected the labour market, most notably the sharp rise in “short-work” schemes, where governments subsidise employers to keep workers on their payrolls through the downturn.
excerpted with permission
More from Eurostat: Euro area unemployment rate up to 10.0% (pdf)

Eurozone Unemployment Click on graph for larger image in new window.
These figures are published by Eurostat, the statistical office of the European Union.

Among the Member States, the lowest unemployment rates were recorded in the Netherlands (3.9%) and Austria (5.5%), and the highest rates in Latvia (22.3%) and Spain (19.4%).

Compared with a year ago, all Member States recorded an increase in their unemployment rate. The smallest increases were observed in Germany (7.1% to 7.6%), Luxemburg (5.2% to 6.0%) and Malta (6.2% to 7.0%). The highest increases were registered in Latvia (10.2% to 22.3%), Estonia (6.5% to 15.2% between the third quarters of 2008 and 2009) and Lithuania (6.4% to 14.6% between the third quarters of 2008 and 2009).