It’s been worse, but could be better. The euro zone’s beleaguered economy may be on the mend, but unemployment remains stubbornly high.
In August, the euro zone’s jobless rate was 11%, according to data released today (Sept. 30, pdf). This was same as the month before and only modestly below the levels recorded earlier this year. Compared with major trading partners like the US and UK, the monetary union’s job market looks sickly indeed:
But the euro zone’s single most egregious economic indicator remains youth unemployment. In some of the union’s hardest-hit countries, like Italy and Spain, youth unemployment ticked up slightly in August.
Despite the region’s improving economic prospects, roughly 50% of Greeks and Spaniards under 25 don’t have a job, and 40% of young Italians are similarly out of luck. It won’t feel like a meaningful recovery before this crucial demographic gets back to work.