Euro Area Unemployment Rate Rises to Record 11.9 Percent in January


The euro area seasonally-adjusted unemployment rate was 11.9 percent in January of 2013, up from 11.8 percent in December of 2012. The EU27 unemployment rate was 10.8 percent, up from 10.7 percent in the previous month. In both zones, rates have risen markedly compared with January of 2012, when they were 10.8 percent and 10.1 percent respectively.

Eurostat estimates that 26.217 million men and women in the EU27, of whom 18.998 million were in the euro area, were unemployed in January of 2013. Compared with December of 2012, the number of persons unemployed increased by 222 000 in the EU27 and by 201 000 in the euro area. Compared with January of 2012, unemployment rose by 1.890 million in the EU27 and by 1.909 million in the euro area. 

Among the Member States, the lowest unemployment rates were recorded in Austria (4.9 percent), Germany and Luxembourg (both 5.3 percent) and the Netherlands (6.0 percent), and the highest in Greece (27.0 percent in November 2012), Spain (26.2 percent) and Portugal (17.6 percent).
 
Compared with a year ago, the unemployment rate increased in nineteen Member States, fell in seven and remained stable in Denmark. The largest decreases were observed in Estonia (11.1 percent to 9.9 percent between December 2011 and December 2012), Latvia (15.5 percent to 14.4 percent between the fourth quarters of 2011 and 2012), Romania (7.4 percent to 6.6 percent) and the United Kingdom (8.3 percent to 7.7 percent between November 2011 and November 2012). The highest increases were registered in Greece (20.8 percent to 27.0 percent between November 2011 and November 2012), Cyprus (9.9 percent to 14.7 percent), Portugal (14.7 percent to 17.6 percent) and Spain (23.6 percent to 26.2 percent).
 
In January of 2013, 5.732 million young persons (under 25) were unemployed in the EU27, of whom 3.642 million were in the euro area. Compared with January of 2012, youth unemployment rose by 264 000 in the EU27 and by 295 000 in the euro area. In January of 2013, the youth unemployment rate was 23.6 percent in the EU27 and 24.2 percent in the euro area, compared with 22.4 percent and 21.9 percent respectively in January of 2012.
 

Eurostat | Nuno Fontes | nuno@tradingeconomics.com
3/1/2013 10:07:21 AM