Eurostat: Spain's Youth Unemployment Rate Hits 55.7% In February, Greece's Was At 58.4% In December (Eurozone Unemployment Charts)

Unemployment rates in the eurozone are still depressing, according to Eurostat. Nothing is really new here. But youth unemployment making new highs doesn't seem like it will end well. First, here is the data and a few charts via Eurostat's press release (4/2/2013) and unemployment statistics page. Spain's youth unemployment rate (people under 25) was at 55.7% in February, Portugal's was at 38.2%, and Italy's was at 37.8%. Spain's youth unemployment rate was at 52% in Q1 2012. Greece's youth unemployment rate was at 58.4% in December 2012 (February data not available).

"February 2013
Euro area unemployment rate at 12.0%
EU27 at 10.9%

The euro area (EA17) seasonally-adjusted unemployment rate was 12.0% in February 2013, stable compared with January. The EU27 unemployment rate was 10.9%, up from 10.8% in the previous month. In both zones, rates have risen markedly compared with February 2012, when they were 10.9% and 10.2% respectively. These figures are published by Eurostat, the statistical office of the European Union."

"In February 2013, 5.694 million young persons (under 25) were unemployed in the EU27, of whom 3.581 million were in the euro area. Compared with February 2012, youth unemployment rose by 196 000 in the EU27 and by 188 000 in the euro area. In February 2013, the youth unemployment rate was 23.5% in the EU27 and 23.9% in the euro area, compared with 22.5% and 22.3% respectively in February 2012. In February 2013, the lowest rates were observed in Germany (7.7%), Austria (8.9%) and the Netherlands (10.4%), and the highest in Greece (58.4% in December 2012), Spain (55.7%), Portugal (38.2%) and Italy (37.8%)."

Here are charts from a variety of places. I linked to the sources at the bottom of each chart.

Euro area (EA17) and EU27 Unemployment Rates Since 2000 (Seasonally Adjusted)

Source: Eurostat press release

Unemployment Rates Broken Out By Country (February 2013, or the most recent data)

Country Codes: "The EU27 includes Belgium (BE), Bulgaria (BG), the Czech Republic (CZ), Denmark (DK), Germany (DE), Estonia (EE), Ireland (IE), Greece (EL), Spain (ES), France (FR), Italy (IT), Cyprus (CY), Latvia (LV), Lithuania (LT), Luxembourg (LU), Hungary (HU), Malta (MT), the Netherlands (NL), Austria (AT), Poland (PL), Portugal (PT), Romania (RO), Slovenia (SI), Slovakia (SK), Finland (FI), Sweden (SE) and the United Kingdom (UK)."

source: Eurostat unemployment statistics

Euro area (EA17) and EU27 Youth Unemployment Rates Since 2000 (February 2013) 

Source: Eurostat unemployment statistics

Euro Area Youth Unemployment Rates By Country (February 2013)

source: Eurostat database

As noted in previous posts from April and August ('Spain Has Serious Economic Issues, Deleveraging and Austerity') of last year, Spain is in a deleveraging cycle right now and austerity measures are just making things worse. Its demographics aren't helping the demand for housing either (must see chart of dependency ratios vs. real house prices via Citi's Matt King at Business Insider). Since Spain is part of the EMU (euro), it can't print money like the Federal Reserve to create artificial demand for its sovereign debt, boost asset prices, and reflate its economy, which is why Spain's unemployment rate has been diverging with the United States' since 2010. UPDATE: Look at pictures of Spain's ghost cities at ("Ru├»nes modernes") via @Kelly_Evans.

Unemployment Rates: Euro Area, EU, Japan and U.S. (2000-2013)

Source: Eurostat unemployment statistics

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