This is a devastating chart.
Click the chart to enlarge.
What else can you say but that this is a total disaster.
From the report:
Eurostat estimates that 26.521 million men and women in the EU27, of whom 19.211 million were in the euro area, were unemployed in March 2013. Compared with February 2013, the number of persons unemployed increased by 69 000 in the EU27 and by 62 000 in the euro area. Compared with March 2012, unemployment rose by 1.814 million in the EU27 and by 1.723 million in the euro area.
Among the Member States, the lowest unemployment rates were recorded in Austria (4.7%), Germany (5.4%) and Luxembourg (5.7%), and the highest in Greece (27.2% in January), Spain (26.7%) and Portugal (17.5%).
Compared with a year ago, the
This situation is clearly unsustainable. The overall level of unemployment is creating a lost generation (especially in countries like Spain) while the gap between the periphery and Germany is causing increasing anger and resentment.
The good news is that austerity is losing its cache in Europe, and with any luck there will be some pro growth measures, both from fiscal authorities and the ECB, which is expected to cut rates in some manner this week.