Friday, March 1, 2013

Unemployment Rates In EuroZone Remain High

The New Economy

Following this morning's earlier article ("What Ever Happened To 'Full Employment'?) in which I wrote about some of the underlying reasons why much of the inustrialized world continues to face a dim employment picture— this includes Canada, Britain, France and the U.S.—today's latest unemployment figures from Europe do not make the news any cheerier. It might even give more support to my argument, or analysis, about how business operates under today's modern economy, chiefly benefitting only the few at the expense of the many.

Some figures provide stark reminders, as do graphs. An article, by Graeme Wearden, in The Guradian provides us with the latest figures for Europe, including one for the Eurozone in general, where 11.9 percent of the population is without full-time work—the highest level ever. "That means that 18.998 million men and women were out of work in the euro area, and a total of 26.217m people across the European Union," Wearden says.
  • Eurozone: 11.9%
  • European Union: 10.8%
  • Belgium: 7.4%
  • Bulgaria: 12.%
  • Czech Republic: 7.0%
  • Denmark: 7.4%
  • Germany: 5.3%
  • Estonia 9.9%
  • Ireland: 14.7%
  • Greece: 27%
  • Spain: 26.2%
  • France: 10.6%
  • Italy: 11.7%
  • Cyprus: 14.7%
  • Latvia: 14.4%
  • Lithuania: 13.3%
  • Luxembourg: 5.3%
  • Hungary: 11.1%
  • Malta: 7.0%
  • Netherlands: 6.0%
  • Austria: 4.9%
  • Poland: 10.6%
  • Romania: 6.6%
  • Slovenia: 10.2%
  • Slovakia: 14.9%
  • Finland: 7.9%
  • Sweden: 8.0%
  • UK: 7.7%



European Unemployment rates between 2000 and 2013
Courtesy
: The Guardian, 2013
Source: The Guardian
There is some good news, though, in some nations, with Austria (4.9 percent); Germany (5.3 percent) and Romania (6.6 percent) reporting good unemployment results. Yet, over-all across Europe, as the graph below shows, unemployment has been rising since 2008, and rather steeply, too. I sense that little will change —it wil likely get worse—until Governments, Big Business and Unions—come to terms with the operating strictures of the New Economy.