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Monthly Labour Market Fact Sheet - October 2012

The latest monthly labour market analysis of the European Commission confirms that the number of unemployed people in the EU continued to rise in August, for the 17th month in a row, to a new high of 25.47 million, accounting for 10.5 % of the EU's labour force. Disparities between the Member States continue. In August the gap between the lowest (Austria, with 4.5 %) and the highest (Spain, with 25.1 %) unemployment rates reached an all-time record. Germany is the only country in the EU having posted a fall in unemployment since March 2008, down by 950 000 (-29.1 %), while the number of unemployed rose by 9.4 million in the EU as a whole (+58.8 %), and it more than doubled in Spain, Greece, the Baltic States, Ireland, Cyprus and Denmark.
The youth unemployment rate rose again, to a new high of 22.7 %, as youth inactivity is growing, underlining the urgency of action to address youth employment. A new Youth Employment Package will be launched before the end of the year. The outlook for the coming months is bleak. Since June 2012, pessimism has gained new ground among EU consumers about future unemployment developments, especially in those countries most affected by rises in unemployment (Greece, Portugal, Cyprus), while hiring activity is still depressed

author(s): European Commission, DG Employment and Social Affairs
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