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Eurozone unemployment rose to record in February; Austria lowest at 4.8%, Greece highest at 26.4%

The Eurozone (EA17) seasonally-adjusted unemployment rate was 12.0% in February 2013, stable compared with January. The EU27 unemployment rate was 10.9%, up from 10.8% in the previous month. In both zones, rates have risen markedly compared with February 2012, when they were 10.9% and 10.2% respectively. These figures are published by Eurostat, the statistics office of the European Union. Austria is lowest at 4.8% while Greece is highest at 26.4%. Employment in AustriaEurostat estimates that 26.34m men and women in the EU27, of whom 19.07m were in the Eurozone, were unemployed in February 2013. Compared with January 2013, the number of persons unemployed increased by 76 000 in the EU27 and by 33 000 in the Eurozone. Compared with February 2012, unemployment rose by 1.805m in the EU27 and by 1.775m in the Eurozone. Among the member states, the lowest unemployment rates were recorded in Austria (4.8%), Germany (5.4%), Luxembourg (5.5%) and the Netherlands (6.2%), and the highest in Greece (26.4% in December 2012), Spain (26.3%) and Portugal (17.5%). Compared with a year ago, the unemployment rate increased in nineteen Member States and fell in eight. The highest increases were registered in Greece (21.4% to 26.4% between December 2011 and December 2012), Cyprus (10.2% to 14.0%), Portugal (14.8% to 17.5%) and Spain (23.9% to 26.3%). The largest decreases were observed in Latvia (15.6% to 14.3% between the fourth quarters of 2011 and 2012), Estonia (10.8% to 9.9% between January 2012 and January 2013) and Ireland (15.1% to 14.2%). Between February 2012 and February 2013, the unemployment rate for males increased from 10.7% to 11.9% in the Eurozone and from 10.1% to 10.9% in the EU27. The female unemployment rate rose from 11.2% to 12.0% in the Eurozone and from 10.3% to 10.9% in the EU27. In February 2013, 5.694m young persons (under 25) were unemployed in the EU27, of whom 3.58m were in the Eurozone. Compared with February 2012, youth unemployment rose by 196,000 in the EU27 and by 188,000 in the Eurozone. In February 2013, the youth unemployment rate was 23.5% in the EU27 and 23.9% in the Eurozone, compared with 22.5% and 22.3% respectively in February 2012. In February 2013, the lowest rates were observed in Germany (7.7%), Austria (8.9%) and the Netherlands (10.4%), and the highest in Greece (58.4% in December 2012), Spain (55.7%), Portugal (38.2%) and Italy (37.8%). The calculation of the youth employment rate excludes youth in full-time education. So Spain's rate of 55.7% does not mean that more than half of Spaniards under 25 are unemployed. The unemployment rate in the USA was 7.7% in February 2013. In Japan it was 4.2% in January 2013. Source: http://www.finfacts.ie/irishfinancenews/article_1025789.shtml  

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