08/15/2014
Euromania...or maybe not...
An update on the unemployment situation in the eurozone. Following are some representative figures, including the latest jobless data from June 2014.
The data is courtesy of Eurostat, the statistical arm of the European Union / European Commission.
I list the 2008 pre-crisis average, January 2013 and June 2014 numbers to give you some perspective.
2008 pre-crisis avg. Jan. 2013 Jun. 2014
Eurozone 7.6 12.0 11.5
Austria 3.8 4.9 5.0
Germany 7.5 5.4 5.1
France 7.8 10.8 10.2
Netherlands 3.1 6.0 6.8
Greece 7.7 26.3 27.3
Spain 11.3 26.5 24.5
Italy 6.7 11.8 12.3
Portugal 7.7 17.6 14.1
Ireland 6.3 13.8 11.8
U.K. 5.6 7.7 6.5
U.S. 5.8 7.9 6.1
The figures for both Greece and the U.K. in 1/13 and 6/14 are two months earlier (Nov. 2012 and Apr. 2014)
The Euro area peak unemployment rate was 12.2% in Sept. 2013
The U.S. peaked at 10.0% in Oct. 2009.
So you can see the difference in the recovery of each.
And, re: the eurozone, the difference between Germany and France.
Wall Street History will return in two weeks.
Brian Trumbore
