USA TODAY: …Eurostat, the EU’s statistics office, said unemployment rose to 11.1 percent in May from 11 percent the previous month. That’s the highest rate since the euro was launched in 1999, and compares badly with an unemployment rate of 8.2 percent in the United States and only 4.4 percent in Japan…
There are huge disparities across the eurozone. The labor markets of those countries at the front line of the debt crisis, such as Greece and Spain, are suffering in the wake of stringent austerity measures and recession. The highest unemployment rate across the eurozone was recorded in Spain, where 24.6 percent of people were out of work in May. Even more dramatically, 52.1 percent of the country’s youth were unemployed…
Other countries in the eurozone are faring fairly better. Germany’s unemployment rate, for example, stood at only 5.6 percent. However, a raft of surveys in recent weeks have pointed to tougher times ahead in Europe’s biggest economy… (more)
