The unemployment crisis isn't getting any better for the euro zone, the group of 17 European Union nations that have adopted the euro.
Unemployment in the euro zone crept up to 12.2 percent in April from 12.1 percent a month earlier and 11.2 percent last year. That means 19.4 million people are out of work, a record, according to official data released by Eurostat. Meanwhile, unemployment in the E.U. remained at 11 percent.
It's not a pretty picture:
But is there any hope the jobless rate in the euro zone will turn this around? Quartz doesn't see much in the near future:
What’s worse, the unemployment crisis is headed downhill. Carsten Brzeski, an economist with ING, told Reuters that the euro zone typically needs 1.5% GDP growth to generate new jobs. The OECD projects 0.6% growth. The IMF, meanwhile, projects a 0.3% contraction.
And, continuing with, young people are being hit hardest with youth unemployment continuing to rise. In the euro zone it's up to 24.4 percent and the E.U. is at 23.5 percent. Both are up from 22.6 percent last year.
Photo: Flickr/Organisation for Economic Co-operation and Develop
Graph via Eurostat
This post was originally published on Smartplanet.com