Europe’s New Dismal Jobless Numbers

The euro zone has registered yet another record high unemployment rate of 12.2%, European statistics agency Eurostat reports on Friday.

Earlier in the day, Italy, the third-largest economy in the currency bloc, reported a first quarter jobless rate of 12.8%, the highest in the 36 years this data has been collected, Meanwhile youth unemployment rose to a staggering 40.5%, also an all-time record high, reports Il Sole 24 Ore.

Here is a breakdown of the alarming numbers:

-More than 26 million people unemployed in the 27-member European Union.

-More than 19 million unemployed in the 17-country euro zone.

-Euro zone average: 12.2%

-European Union average: 11%

Highest rates:

Greece: 27% in February 2013

Spain: 26.8%

Portugal: 17.8%

Lowest rates:

Austria: 4.9%

Germany: 5.4%

Luxemburg: 5.6%

In comparison, the United States was 7.5% down from 7.6% in the previous month and 8.1% in April 2012.

Youth unemployment:

-Euro zone youth unemployment: 24.4% up from 24.2% in January 2013.

-European Union under-25 unemployment: 23.5% down from 23.6% in January 2013.

Euro area inflation expected to be on the rise:

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