19 Million People Now Jobless in the Eurozone

Posted by: abbyjoseph

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abbyjoseph

By Michael Lombardi  for Profit Confidential

The unemployment rate for the eurozone increased to 11.9% in January 2013—up from 11.8% in December of 2012. (Source: Eurostat, March 1, 2013.) Almost 19 million people are jobless in the eurozone.

The European Commissioner for employment and social affairs, Laszlo Andor, summed up the situation very clearly. He said, “Such unacceptably high levels of unemployment are a tragedy for Europe and they signal how serious of a crisis some eurozone countries are in.” (Source: Financial Times, March 1, 2013.)

Manufacturing in the eurozone is suffering, showing a continuous economic slowdown. The Purchasing Managers’ Index (PMI) showed a reading of 47.9 in February 2013—unchanged from January and deteriorating for the 19th consecutive month. (Source: Markit, March 1, 2013.) Any PMI reading below 50 represents contraction in the manufacturing sector.

Looking forward, as the economic slowdown deepens in the eurozone, I am focusing on stronger nations, such as Germany and France. They held their act together in the previous economic slowdown. But they are starting to deteriorate now, as the crisis in the region worsens.

France, the second-biggest economic hub in the eurozone, had a 10.6% unemployment rate in January.

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Jeff Nielson
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written by Jeff Nielson, March 10, 2013
AbbyJoseph, I would suggest that the "19 million job-less in Europe" number is very conservative. It would not surprise me if the real total was closer to double that number.

"Structural unemployment" has never been worse. At the same time, none of our governments or economic "experts" even UNDERSTAND what structural unemployment is...

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