Eurozone unemployment hits record high.

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Lonely1

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Unemployment in the eurozone hit a record high in September, with nearly 150,000 more jobs lost as the debt crisis
continues to undermine an economy slumping into recession, official data show.

The 17-state eurozone had a jobless rate of 11.6 per cent in September, up from 11.5 per cent in August, with the numbers out of work rising to 18.49 million from 18.34 million, the Eurostat data agency said on Wednesday.

The increase over the past year is well over two million.

The highest unemployment rate was recorded again in Spain, where 25.8 per cent of adults are out of work. Further layoffs are likely to follow next year as more of the country's 60 billion euro ($78m) programme of budget austerity kicks in.

Greece recession and debt problems even worse

Greece's draft budget for 2013 has forecast a deeper recession and worse debt problems than previously thought.

Greece's government says it will run out of money next month unless it gets the next batch of international bailout money, which is dependent on painful austerity measures.

The finance minister has presented the 2013 budget which includes $21bn in cuts, mainly from pensions and public sector wages.

Greece's unemployment rate could break EU records, surpassing even Spain which hit 25.8 per cent in September.

Source.
 
Lonely1 said:
Unemployment in the eurozone hit a record high in September, with nearly 150,000 more jobs lost as the debt crisis
continues to undermine an economy slumping into recession, official data show.

The 17-state eurozone had a jobless rate of 11.6 per cent in September, up from 11.5 per cent in August, with the numbers out of work rising to 18.49 million from 18.34 million, the Eurostat data agency said on Wednesday.

The increase over the past year is well over two million.

The highest unemployment rate was recorded again in Spain, where 25.8 per cent of adults are out of work. Further layoffs are likely to follow next year as more of the country's 60 billion euro ($78m) programme of budget austerity kicks in.

Source.
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Mind-boggling.

I actually also assumed that the jobless rate in the US was still lower than in Germany.
 
zero_suit said:
Why?
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Socialism and crippling taxes on job creators, I guess ;-)

Wasn't really based on anything, just the general wealth of the US and a more liberal job market.

I know Germany has done some stuff where we took advantage of other countries, but it's not like the US doesn't, so I didn't expect Germany to actually be in better shape when it comes to this.

Naive assumptions.
 
I, for one, have enormous faith that they'll fix the problems. They have, thus far, shown strong leadership, clear direction and a willingness to make tough decisions to help their economies achieve global competitiveness and...

I can't.
 
They still haven't realized that austerity is making it worse? Are they going to wait until nobody is working?
 
Cut more taxes to the rich! Cut spending!

sigh, do we need more evidence this shit doesn't work? meanwhile back in the US....
 
If anything this is why the US should NOT vote for Mitt Romney. He is prescribing the same disastrous austerity measures.
 
So cutting people's wages doesn't encourage improvements in the economy? Hold the phone!
They just need to cut more!
 
Theonik said:
So cutting people's wages doesn't encourage improvements in the economy? Hold the phone!
They just need to cut more!
Click to expand...

There aren't really any other alternatives at the moment. Either these economies deflate internally (cut wages and prices) or they devalue their currency. Obviously the second option is unavailable for as long as they remain in the Euro. The social consequences of deflation are devastating (as would be the consequences of leaving the Euro). At this stage I still see a break up of the Euro the more likely option.
 
NOT AUSTERE ENOUGH!!

bcup4.gif
 
defel said:
There aren't really any other alternatives at the moment. Either these economies deflate internally (cut wages and prices) or they devalue their currency. Obviously the second option is unavailable for as long as they remain in the Euro. The social consequences of deflation are devastating (as would be the consequences of leaving the Euro). At this stage I still see a break up of the Euro the more likely option.
Click to expand...
Cutbacks have no influence on inflation in these economies as the countries in question aren't n control of their own currency, or entirely autonomous when it comes to producing goods. All austerity achieves in that case is decrease the amount of circulation in the money presently in that economy resulting in what is is essentially a perpetuating collapse of the entire economy. Once more the decrease in stability caused by all this also discourages any sort of foreign investment lowering labour costs was meant to achieve in the first place.
 
Going to Spain earlier this year was depressing as hell. It was so different from before. And learning that many of my acquaintances there were out of jobs wasn't nice.

Stay strong, guys.
 
I guess Europe's experiment with the gold standard (euro) is over soon enough.

They have to either create a real fiscal union, or drop the euro, and since I doubt a fiscal union can be created within the next couple years, dropping the euro is inevitable.
 
Doc Holliday said:
When I was in europe a month ago i heard this is what was done. if I'm wrong I apologize :)
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There is no central fiscal policy in Europe, it differs per country. Besides, taxes on the rich have always been high in most Eurozone countries, and with idiots like Hollande (France) coming to power, that won't be changing any time soon.
 
SPE said:
Maybe, and this is a wild shot in the dark, it's due to the state of Spain's economy and high unemployment? You know, like this thread is about.
Click to expand...

Sure but I know a few in the US who are unemployed and happy. They're living off unemployment but content while I know tons of employed people who are unhappy.
 
Luckily we have a new government ready for some extra austerity measures, can't have enough of those.



Just when is the fucking ECB going to dump some god damn euro's into the market damn it.

Stupid fiscal conservatives think it's the 19th century.
 
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