Skip to comments.Euro zone unemployment stuck, recovery stalls
Posted on 07/01/2014 6:54:20 PM PDT by Lorianne
The euro zone's unemployment rate held steady in May, at 11.6 percent, in a further sign that the region's bumpy recovery is struggling to take hold. It followed separate data which revealed that manufacturing activity in the euro zone slid to a seven-month low in June.
Some 18.55 million people were unemployed across the currency bloc in May, according to Eurostat data published Tuesday, a fall of 28,000 from April. However this reduction in joblessness was not enough to drive the unemployment rate lower.
The lowest unemployment rates were recorded in Austria and Germany, at around 5 percent. However joblessness remained worryingly high in Greece (26.8 percent in March 2014) and Spain (25.1 percent).
The youth unemployment rate, meanwhile, came in at 23.3 percent for the euro zone in May. Joblessness among the under-25s was a particular issue in Greece, Spain and Croatia where the most recent figures put youth unemployment at 57.7 percent, 54 percent and 48.7 percent respectively
(Excerpt) Read more at cnbc.com ...
Europe has been stuck at an unemployment rate of between 12-15% for the past thirty years.