European unemployment rates vary enormously

Hedge your bets when looking for work in Europe.

Eurostat, the European statistics boffins, have published their findings about unemployment rates in Europe. They discovered that Austria  had the lowest unemployment rate among the 27 EU states with 4.3 %, followed by the Netherlands, where 4.5 % of residents were out of work in August.

The agency also said that Spain still has the highest unemployment rate (20.5 %). It added the EU average was 9.6 %, up from 9.2 % year on year. It shows that Europe is still not out of the economic dolldrums.

Their findings also show that unemployment in the Eurozone – the 16 EU members which have adapted the Euro as their sole currency – rose by 0.4 % from August 2009 to August 2010.

Year on year comparison shows Malta managed the most significant decline among the EU’s 27 member states as its unemployment rate shrunk from 7.2 % to 6.2 %.

When it comes to unemployment amongst the under 25’s Austria is the best place to be. Only 8.5 % of the Austrian under 25’s were unemployed. Germany and the Netherlands share second place with 8.8 %, while Spain performed worst (41.6 %).

This should not really come as a surprise. The countries with the highest deficits also have the highest rates of unemployment, partly thanks to the need for cutting back the bulging deficits and partly to paralysed labour markets. The more flexible the labour markets seem to be, the lower the unemployment levels.

So, bear this in mind when you are looking for a job in Europe.



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