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BackThis week, the Statistical Office of the European Communities EUROSTAT published the latest unemployment figures for the European Union as at January 2012. The results of the reviews of the EU labour market are alarming: within only four years, the number of persons unemployed increased from 16.1 to 24.3 million or by more than 50 percent. As at January 2012, the EU unemployment rate stands at 10.1 percent. The youth unemployment situation is a disaster: 22.4 percent of young people aged between 15 and 24 are unemployed - the highest level since records began. At 49.9 and 48.1 percent respectively, in January every second young person in Spain and Greece was without a job.
There are only three Member States in the European Union, where the youth unemployment rate is below 10 percent, which is high in any case; these are Germany (7.8), Austria (8.9) and the Netherlands (9). Apart from Spain and Greece, youth unemployment is also very high in Portugal at 35.1, in Lithuania at 34.4 and in Bulgaria at 28.9 percent.
In respect of the general unemployment rate, Spain at 23.3 percent tops the league, followed by Greece at 19.9 percent and Ireland at 14.8 percent. Traditionally, Austria has the lowest unemployment rate at 4.0 percent; the Netherlands at 5.0 and Luxembourg at 5.1 percent share the second place.
The expectations for retailers, construction companies and the financial sector for the coming three months are also negative. Only the industrial sector shows signs of optimism. The depressive mood has dominated the construction sector since summer 2008. Given the forecast that the European Union might enter a mild recession this year, the dismal labour market situation is likely to continue. Whilst other large economies have long overcome the worst effects of the financial crisis 2008, the European Union is still in the middle of the crisis. Hence, the question has to be asked as to whether the wrong decisions have been taken at EU level, which, in the end only led to spreading the crisis. However, one thing is for sure: unemployment will only decrease once the European Union returns to a new growth path. Commission and Council have only just begun to discuss initial measures – years too late.
In respect of the general unemployment rate, Spain at 23.3 percent tops the league, followed by Greece at 19.9 percent and Ireland at 14.8 percent. Traditionally, Austria has the lowest unemployment rate at 4.0 percent; the Netherlands at 5.0 and Luxembourg at 5.1 percent share the second place.
The expectations for retailers, construction companies and the financial sector for the coming three months are also negative. Only the industrial sector shows signs of optimism. The depressive mood has dominated the construction sector since summer 2008. Given the forecast that the European Union might enter a mild recession this year, the dismal labour market situation is likely to continue. Whilst other large economies have long overcome the worst effects of the financial crisis 2008, the European Union is still in the middle of the crisis. Hence, the question has to be asked as to whether the wrong decisions have been taken at EU level, which, in the end only led to spreading the crisis. However, one thing is for sure: unemployment will only decrease once the European Union returns to a new growth path. Commission and Council have only just begun to discuss initial measures – years too late.