Chart of the Day: Euro area unemployment rate hits a record 11.8%

The unemployment rate in the euro zone hit 11.8% in November according to the numbers released by the EU this morning. That is a record. The EU-27-wide unemployment rate was 10.7%. This contrasts very unfavourably to the unemployment levels in other large advanced economies: 7.8% in the United States and the United Kingdom, 4.1% in Japan, and 3.1% in Switzerland.

Press release below:

The euro area (EA17) seasonally-adjusted unemployment rate was 11.8% in November 2012, up from 11.7% inOctober. The EU27 unemployment rate was 10.7% in November 2012, stable compared with October. In both zones, rates have risen markedly compared with November 2011, when they were 10.6% and 10.0% respectively. These figures are published by Eurostat, the statistical office of the European Union.

Eurostat estimates that 26.061 million men and women in the EU27, of whom 18.820 million were in the euro area, were unemployed in November 2012. Compared with October 2012, the number of persons unemployed increased by 154 000 in the EU27 and by 113 000 in the euro area. Compared with November 2011, unemployment rose by 2.012 million in the EU27 and by 2.015 million in the euro area.

Among the Member States, the lowest unemployment rates were recorded in Austria (4.5%), Luxembourg (5.1%), Germany (5.4%) and the Netherlands (5.6%), and the highest in Spain (26.6%) and Greece (26.0% in September 2012).

Compared with a year ago, the unemployment rate  increased in  eighteen Member States, fell in  seven and remained  stable in  Denmark and  Hungary. The largest  decreases were observed in  Estonia (12.1% to  9.5% between October 2011 and October 2012), Latvia (15.7% to 14.1% between the third quarters of 2011 and 2012), and  Lithuania (13.9% to 12.5%). The highest increases  were registered  in Greece  (18.9% to  26.0% between September 2011 and September 2012), Cyprus (9.5% to 14.0%), Spain (23.0% to 26.6%) and Portugal (14.1% to 16.3%).

Between November 2011 and November 2012, the unemployment rate for males increased from 10.4% to 11.7% in the euro area and from 9.9% to 10.8% in the EU27. The female unemployment rate rose from 10.9% to 11.8% in the euro area and from 10.1% to 10.7% in the EU27.

In November 2012, 5.799 million young persons (under 25) were unemployed in the EU27, of whom 3.733 millionwere in the euro area. Compared with November 2011, youth unemployment rose by 329 000 in the EU27 and by420 000 in the euro area. In November 2012, the youth unemployment rate was 23.7% in the EU27 and 24.4% in the euro area, compared with 22.2%  and 21.6% respectively in November 2011. In November 2012 the lowest rates were observed in Germany (8.1%), Austria (9.0%) and the Netherlands (9.7%), and the highest in Greece(57.6% in September 2012) and Spain (56.5%).

In November 2012, the unemployment rate was 7.8% in the USA and 4.1% in Japan.

Source: Eurostat