The Eurozone's Flat Jobless Rate Maskes a Chasm Between the “Core” Economies and the “Peripheral” Group
Robust growth in the eurozone in the second quarter failed to dent its near-record unemployment rate, which remained flat for a fourth consecutive month in July, although prospects are brighter for the revived German economy.
The 10 per cent overall eurozone figure once again masked a chasm between the “core” economies led by Germany, which are doing well, and the “peripheral” group, such as Spain, which continues to struggle.
Germany’s seasonally adjusted unemployment rate, as measured by the European Commission’s statistical arm, remained flat at 6.9 per cent in July, below its own pre-crisis levels, though its national figures point to a small decline in joblessness.
By contrast, Spain’s unemployment rate nudged up to 20.3 per cent, the highest figure ever seen in a eurozone country since the single currency was introduced in 1999. In Spain, 41.5 per cent of young people are now looking for work, compared to 19.6 per cent across Europe.
Joblessness in Ireland also rose, from 13.3 per cent to 13.6 per cent, but fell in Portugal from 11.0 per cent to 10.8 per cent; Greece no longer releases monthly data.
Read More:
The Euro Crisis and the Coming Euro Collapse Act II- Time to Check How Austerity Is Going
The Mirror Images of the Spanish and German Economies
The Euro Crisis- a Look at Spain’s Great Depression
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