European unemployment: grim and grimmer

Eurostat has just released January unemployment numbers for the 17 Eurozone countries and its not a pretty sight. The overall joblessness rate for the eurozone was 10.7 percent in January, up slightly from December. Spain continues to have the highest unemployment rate at 23.3 percent, followed by Greece at 19.8 percent and and Ireland and Portugal, both at 14.8 percent. Austria has the lowest rate at 4 percent. Here’s the full breakdown:

The situation is even worse for young people: 

In January 2012, 5.507 million young persons (under 25) were unemployed in the EU27, of whom 3.314 million were in the euro area. Compared with January 2011, youth unemployment increased by 269 000 in the EU27 and by 141 000 in the euro area. In January 2012, the youth unemployment rate was 22.4% in the EU27 and 21.6% in the euro area. In January 2011 it was 21.1% and 20.6% respectively. The lowest rates were observed in Germany (7.8%),  Austria  (8.9%) and the  Netherlands  (9.0%), and  the highest in  Spain (49.9%), Greece (48.1% in November 2011) and Slovakia (36.0%).