European Economy is really going to hell

[n2doc]

19.4 million euro zone members can’t find work—and it’s only going to get worse
By Gwynn Guilford



Euro zone unemployment continues to break records. Some 95,000 euro zone workers lost their jobs in April, bringing the total to 19.4 million—an unprecedented unemployment rate of 12.2%, up from 12.1% in March. Here’s a look at the trend:




And here’s the country-by-country breakdown in Eurostat’s typically cryptic format (pdf):



Once again, the euro zone’s young are bearing the brunt of austerity. An additional 188,000 young people went on the dole in April, bumping the youth unemployment rate up to 24.4%, up from 24.0% in March (pdf).

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.


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http://qz.com/89749/19-4-million-euro-zone-members-cant-find-work-and-its-only-going-to-get-worse/

[Egalitarian Thug]

1. It's all coming together very nicely. n/t