Eurozone unemployment at record high 11%

CNN Money ^ | June 1, 2012 | By Chris Isidore

[Oldeconomybuyer]

The 17-nation eurozone's unemployment rate reached the highest level since the creation of the common currency 13 years ago, climbing to 11% in April as employers slashed 110,000 jobs.

The unemployment rate in the broader 27-nation area that makes up the European Union rose to 10.3% in April, as employers trimmed 102,000 jobs from their payrolls. That was highest EU unemployment rate on records that go back to 2000.

There were 24.7 million unemployed in the EU in April, of whom 17.4 million were in the eurozone. Both figures are far above the 12.5 million unemployed in the United States, which has a population about 6% less than the eurozone.

[Oldeconomybuyer]

About the same rate as California.

[littleharbour]

History is repeating itself. The key factor is the massive youth unemployment in many of the countries. Millions of uneducated, unemployed young people who are getting more and more angry as their governments lose the ability to simply provide them with freebies. There are two main groups at play in Europe: socialists who want government to control everything, and those who resent immigrants (supports of Le Pen in France, for example).

Mass protests are not news in Europe and there is also plenty of history with violent protests. All that is needed is a charismatic leader to emerge who will play upon the frustrations and sense of entitlement of these “youths” and combine the anti-immigrant sentiment with the socialist sentiment, and a new fascist regime will emerge. And in case anyone here has drunk the liberal kool-aid and equates fascism with conservatism, let’s all remember that the Nazis were the German National Socialist Party - not the National Conservative Party.

[scooby321]

If our numbers were trustworthy we might be higher.

[Theoria]

That was back in the days of Nationalism. There is none today. It could resurface, but that was bled out from the skies of London to the fields of Arnhem.

If Spain, Greece, or Italy takes that step, then the others might follow. The US nor European countries will even protect their own borders.

[Iron Munro]

11% !!!

They must not know the Obama tricks about how to make the official unemployment rate lower than the real unemployment rate.

/s

[skeeter]

Unemployment ‘unexpectedly’ rises in the US so of course CNN reports on the unemployment rate in Europe.

[kabar]

There are two main groups at play in Europe: socialists who want government to control everything, and those who resent immigrants (supports of Le Pen in France, for example).

A little too simplistic. Nationalism is a factor as people see the EU taking away their sovereignty and ability to make decisions in the interests of their nation. The political elites have taken too much power without accountability,.

Immigrants are not being assimilated. They have taken jobs, depressed wages, and refuse to accommodate to the prevailing culture. Cameron, Sarkozy, and Merkel have said that multiculturalism is dead.

[OrangeHoof]

There were 24.7 million unemployed in the EU in April, of whom 17.4 million were in the eurozone. Both figures are far above the 12.5 million unemployed in the United States, which has a population about 6% less than the eurozone.

This is CNN's backhanded way of saying Obama isn't doing such a bad job. What it really says is Obama is doing a better job of disguising true unemployment in the U.S. by refusing to count those who have stopped filing for unemployment because they've already exhausted their eligibility for benefits.

Folks the BLS unemployment figures are a scam. The problem is just as bad here or possibly worse.

I am hoping that when SCOTUS strikes down Obamacare that you'll see some new job creation and when Obama is struck down in November that the spigot of American investment will begin. However, it could be too late if Europe sucks us down into their economic vortex.