Seeking Alpha

Eurozone unemployment rose in May to a record 11.1%, up from April's 11.0%. Spain's rate climbs...

Eurozone unemployment rose in May to a record 11.1%, up from April's 11.0%. Spain's rate climbs to 24.6%. Greece clocked in at 21.9%. (PR .pdf)
Comments (16)
  • Don't worry - everything is fine, unemployment is okay, and the markets will continue to rally despite bad data. Everyone put your blinders on!
    2 Jul 2012, 05:18 AM Reply Like
  • so 1 in 4 in Spain is unemployed? -_- how do they run their country...
    2 Jul 2012, 05:25 AM Reply Like
  • Bad debt financed by bad money created the illusion of an unmerited prosperity for generation in much of Europe.


    Now that the lies of this fraudulent debt and fiat currency are being serially exposed it is becoming apparent that Europe's real wealth and income creating capacity is much less than bad Governments had deluded people into believing.


    Most of Europe has spent two decades plundering the future to engorge the present and preening while doing it.
    Now the future has arrived and it is hungry, sullen and vengeful.
    2 Jul 2012, 05:40 AM Reply Like
  • Kind of like we have in America I guess.
    2 Jul 2012, 07:19 AM Reply Like
  • We the europeans know that our economy is not so buoyant like in USA, whose debt is ... and the unemployment is...
    Sure! you are fantasticaly
    2 Jul 2012, 06:05 AM Reply Like
  • bad news from Europe all over, espcially for Spain, yet the IBEX is reaching new highs.. is it all really down to the banks' recapitalisation? As unclear and undefined as it is right now?
    2 Jul 2012, 06:51 AM Reply Like
  • Very easy..Spain is run by the top rich...eveybody else is broke...Its called a dictatorship. You have the few rich at the top running "the country"..or whats left of it...and then you have the slaves working for them....


    No different than what the U.S. is doing...we just have alot more money available. LOL
    2 Jul 2012, 06:51 AM Reply Like
  • John, we'll catch up.
    2 Jul 2012, 07:18 AM Reply Like
  • It seems everybody is forgetting one key fact here. Europe is heading for a major recession. Nothing can change that. Recapitalizing the banks won't change that. It's simple business cycles. Nothing more than that. Everybody can keep crying about all these doom and gloom topics but the truth is a recession is coming for what's known as the EU. It's as simple as that.


    The U.S. had its recession and now we will expand. I know everybody can't fathom America doing well but it will happen in the wake of a European recession. Expect the EU data to get much worse before it gets better.
    2 Jul 2012, 07:56 AM Reply Like
  • Spencer - disagree. The jobs we are creating are making this country poorer (service sector jobs). The imbalances in our economy are becoming much worse, the trade deficits will climb, and our debt will continue to explode. China is the key to this entire thing, and they've expressed concern about being the growth engine for the world. I foresee them cutting production to tame their out of control inflation. Besides, I think they are sick of eating our inflation.
    2 Jul 2012, 08:24 AM Reply Like
  • I agree, but the market doesn't as it seems... Today's IBEX rally really eludes me, unemployment in Spain reported as highest ever, Finland will block the ESM bond purchases, EU unemployment reached its high, German manu is not great either.. yet the market keeps going skywards, in the expcetation that the ECB will cut rates... is it really enough?
    2 Jul 2012, 09:04 AM Reply Like
  • The IBEX lost massively over the last 4 months. Could be your typical dead cat bounce, but otherwise I agree, there is no macro economic reason why the IBEX should rise. Spain's economy isn't even near its nadir yet.
    2 Jul 2012, 11:40 AM Reply Like
  • What?? Weren't all the EURO zone problems solved on Friday itself?
    2 Jul 2012, 12:56 PM Reply Like
  • Time to use last Friday's rally and go short Europe.
    2 Jul 2012, 12:59 PM Reply Like
  • 1/5th of Spain's economy is ex-official and probably growing by the month. The official statistics are just not meaningful to judge joblessness.
    2 Jul 2012, 01:50 PM Reply Like
  • Though you are most probably right, it does irk that numbers generally become relevant when positive and irrelevant when negative.
    2 Jul 2012, 03:54 PM Reply Like
DJIA (DIA) S&P 500 (SPY)