Eurozone Unemployment Reaches Record 11.1% in May
July 4th, 2012
The unemployment rate in the eurozone rose one-tenth in May, to 11.1% of the active population, from the 11% registered in April, according to data released on Monday by the European statistics office, Eurostat. This is the highest level recorded since 1995, when the comparable series began.
The figure is in line with the forecasts of analysts surveyed by Bloomberg. The number of people unemployed in all countries of the euro rose to 15,561,000, which represents an increase in newly unemployed of 88,000 compared to April.
Spain remains the Member State with the highest unemployment rate. In May, this rose to 24.6% of the population, from 24.3% recorded in April.
Following the rest of the peripherals, which also have the most pronounced unemployment rates in the region, Greece stood at 21.9% – March data, as specified by Eurostat – Portugal’s unemployment registered at 15.2% of the workforce and Ireland’s at 14.6%.
Moreover, the unemployment rate among children under 25 years of age rose two-tenths in the eurozone, to 22.6%. In turn, male unemployment remained stable at 10.9%, while the female unemployment climbed one-tenth to 11.3%.
In the case of Spain, El Economista reported that youth unemployment stood at 52.1%, half a point more than in April, while male unemployment rose to 24.2%, and female unemployment to 25%, two-tenths more than in April.
In the whole of the European Union (EU) the unemployment rate in May stood at 10.3%, one-tenth above the previous month and eight-tenths higher than a year ago, and the number of unemployed rose by 151,000 people, bringing the total number of unemployed in the EU to 24,868,000.
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