Seeking Alpha

Atle Willems, CFA's  Instablog

Atle Willems, CFA
Send Message
Atle Willems, CFA, is an equity investor with a long-term view investing in undervalued listed shares with solid operational track records and sensible balance sheets. He holds a master's degree in finance from Nottingham University Business School, a bachelor's degree in business... More
My company:
Liabridge
My blog:
EcPoFi - Economics, Politics, Finance
  • Euro Area Unemployment Rate Hits New High - 12.1%, Increased Unemployment In France And Italy 0 comments
    Jan 8, 2013 10:27 AM

    The unemployment rate in the euro area (17 countries) continues to increase data released today by Eurostat shows. As of November 2012 the unemployment rate now stands at 12.1%, up from the 11.8% reported for October 2012. Please note that the press release states an unemployment rate of 11.8% for the month of November 2012 while the data table ("harmonised unemployment rates") published shows 12.1%. This report deals with the latter. This was the highest unemployment rate reported following the "financial crisis" of 2008 and demonstrates that employment wise, things are only getting worse in the euro area.

    Spain reported the worst unemployment rate for the month with 26.5% (Greece not yet reported) while the likely addition to the euro area this year, Croatia, reported an unemployment rate of 17.6%. It is worth mentioning that in France, the unemployment rate is continuing to get worse and the rate of 10.9% (up from 10.6% in Oct-12) is the highest yet reported following the beginning of the downturn in 2008. The same is true for Italy, which reported an even higher unemployment rate of 11,9% (up from 11.8% in Oct-12).

    Expecting an economic improvement in the euro area this year is optimistic. In fact, together with poor industrial production figures and the continued increase in unemployment, the euro are economy is likely to deteriorate further, much further. In fact, as long as the central planning committee in Brussels continues to be in charge (together with the ECB and the IMF), as long as bail outs of bust countries and banks continue with tax payer money, it will only continue to get worse. It is the main reason for the debt crises and the main reason it is not going to end any time soon.

    (click to enlarge)

    (click to enlarge)

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Back To Atle Willems, CFA's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.