While the European economy is stabilizing after a brutal recession, the future growth outlook remains tepid at best…1% or so for 2014, for example, in the eurozone.
There will be no sustained recovery without a decline in unemployment rates, which remain staggeringly high in some nations.
So I thought we’d look at the October 2013 jobless rate for selected countries, as put out by the European Union’s statistical arm, Eurostat, versus the 2008, pre-crisis average.
Austria 3.8% (2008)…4.8% (10/13)
France 7.8%…10.9%
Germany…7.5%…5.2%
Netherlands…3.1%…7.0%
Cyprus…3.6%…17.0%
Greece…7.7%…27.3% (8/13)
Ireland…6.3%…12.6%
Italy…6.7%…12.5%
Portugal…7.7%…15.7%
Spain…11.3%…26.7%
And you have some of the following sickening youth unemployment rates (under 25); October 2013 unless otherwise noted.
Greece…58.0% (8/13)
Italy…41.2%
Portugal…36.5%
Spain…57.4%
Wall Street History will return in two weeks.
Brian Trumbore
