European unemployment for May reached 11.1% making it the highest ever for a single currency area. Nearly, one in four adults in Spain is now unemployed but for the under 25 age group a critical 52% in Spain and Greece are unable to find work. In total, 17.6 million people were out of work in the Eurozone in May, up 88,000 from April and 1.8 million more than 2011.
The Eurozone banks are expected to make interest rate cuts this week in an effort to improve a hemorrhaging economy. However, confidence in the European economy continues to drop as all countries experience higher unemployment levels, except for Germany (5.6% and the under 25’s at 7.9%). Recently even German markets have experienced an economic slowdown.
One has to wonder how long the Germans will work to pay for and bail out the rest of the European Union.
