Eurozone unemployment remains stable at record highs
As noted unemployment in the eurozone is stable at historical highs. Unemployment in November remained at the same level as in October 2013 reaching record highs of 12.1 percent for the eighth consecutive month. According to data provided by Eurostat, between November 2012 and November 2013 the number of unemployed people rose by 452,000, reaching 19.24 million workers in eurozone. The number of unemployed has risen inexorably since 2010, proving that austerity measures were successful in destroying jobs and the deepening crisis.
Although the economy of eurozone showed slight signs of recovery with 1.4 percent increase in sales in November, unemployment remains being persistent as we advance in this post persistent unemployment after the crisis. Efforts to reduce unemployment in the eurozone have failed since the strength of austerity has been sweeping. The labor market always lags behind economic development and the current rate of growth may take another 12 months to see substantial improvements in employment. The graphs for Spain and Greece can appreciate that unemployment actually has stabilized in what appears to be its top.
Monetary policy has reached its limit point of exhausting all possibilities with quantitative easing of the financial system and interest rates close to zero percent and creating spaces for creating new bubbles as seen in the indices stock that trigger the next inequality and enhance crisis. Fiscal policy in turn being subsumed to the dictatorship of the financial system has an operational range that allows it to act directly on employment. The first data from 2014 confirms that this new steady state is here to stay.