EU unemployment remains at 10%

EU jobs Aug10.pngEU governments have spent enormous sums of money to support the economy over the past year. Yet in terms of a key indicator such as unemployment, the situation has got worse rather than better. This is bound to restrain consumer spending, a key factor for domestic EU chemical demand.

Eurozone unemployment hit 10% in February, and it has remained at this level into July. 16 million people are out of work, and 23 million people in the European Union. Both figures are up around 1 million since July 2009.

As the chart shows, Austria and The Netherlands continue to have the lowest rates, at 3.8% and 4.4%. Spain now has the highest at 20.3%, closely followed by the two Baltic countries, Latvia and Estonia. Youth unemployment remains a particular problem, with 20.2% of under-25s out of work in the EU. Shockingly, 41.5% were unemployed in Spain.

About Paul Hodges

Paul Hodges is Chairman of International eChem, trusted commercial advisers to the global chemical industry. He also serves as a Global Expert for the World Economic Forum. The aim of this blog is to share ideas about the influences that may shape the chemical industry and the global economy over the next 12 – 18 months. It looks behind today’s headlines, to understand what may happen next in critical areas such as oil prices, China and Emerging Markets, currencies, autos, housing, economic growth and the environment. Please do join me and share your thoughts. Between us, we will hopefully develop useful insights into the key factors that will drive the industry's future performance.

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