Euro area unemployment rate at 10.8%

Malta unemployment at 6.7%, EU27 average at 9.8%.

30 November 2011, 12:00am

2 min read

The euro area (EA17) seasonally-adjusted unemployment rate was 10.3% in October 2011, compared with 10.2% in September. It was 10.1% in October 2010. The EU27 unemployment rate was 9.8% in October 2011, compared with 9.7% in September. It was 9.6% in October 2010.

Eurostat estimates that 23.554 million men and women in the EU27, of whom 16.294 million were in the euro area, were unemployed in October 2011. Compared with September 2011, the number of persons unemployed increased by 130 000 in the EU27 and by 126 000 in the euro area. Compared with October 2010, unemployment rose by 440 000 in the EU27 and by 367 000 in the euro area.

These figures are published by Eurostat, the statistical office of the European Union.

Among the Member States, the lowest unemployment rates were recorded in Austria (4.1%), Luxembourg (4.7%) and the Netherlands (4.8%), and the highest in Spain (22.8%), Greece (18.3% in August 2011) and Latvia (16.2% in the second quarter of 2011).

Compared with a year ago, the unemployment rate fell in twelve Member States and increased in fifteen. The largest falls were observed in Estonia (16.1% to 11.3% between the third quarters of 2010 and 2011), Lithuania (18.3% to 15.0% between the third quarters of 2010 and 2011) and Latvia (19.3% to 16.2% between the second quarters of 2010 and 2011). The highest increases were registered in Greece (12.9% to 18.3% between August 2010 and August 2011), Spain (20.5% to 22.8%) and Cyprus (6.0% to 8.2%).

Between October 2010 and October 2011, the unemployment rate for males increased from 9.9% to 10.0% in the euro area and from 9.6% to 9.7% in the EU27. The female unemployment rate increased from 10.4% to 10.6% in the euro area and from 9.7% to 9.9% in the EU27.

In October 2011, 5.482 million young persons (under-25s) were unemployed in the EU27, of whom 3.338 million were in the euro area. Compared with October 2010, youth unemployment increased by 222 000 in the EU27 and by 141 000 in the euro area. In October 2011, the youth unemployment rate was 22.0% in the EU27 and 21.4% in the euro area. In October 2010 it was 20.9% and 20.6% respectively. The lowest rates were observed in the Netherlands (8.2%), Germany (8.5%) and Austria (9.1%), and the highest in Spain (48.9%) and Greece (45.1% in August 2011).

In October 2011, the unemployment rate was 9.0% in the USA. In September 2011, it was 4.1% in Japan.

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Sadly neither capitalism nor socialism have worked, power corrupts,as we have seen time and time again.That's why i said something new.

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Sir, it is not Capitalism that is the worry here. You miss the whole issue. I live in Turkey, try living with the degree of unemployment we have. Go to Spain, it recently voted out its Socialist Government because it had so mismanaged the Government that it brought upon itself the facts that its unemployment rate – across the board - is over 20%! Of course there are other countries cited here in these statistics that are better but most of them have populations where their capital cities are much greater than the whole of the Republic of Malta and their industrial bases are differently configured. And yes there are other examples where the countries have faired better than Malta. Just stand back for a moment though. Malta has one of the best programmes around in the European Union which encourages industries to be located there. You must be justly proud of the Malta Enterprise being at the forefront of this for the Government for it is encouraging business after business to set up in Malta and for these businesses to be safe employers. It takes courage for a Government to invite new businesses to its country, this is a cut-throat business and you win some and you lose some. You must therefore be grateful that industrial centres like Smart City were sponsored to be located in Malta and not elsewhere. Who aided that issue in Malta? Think about it, the Government. You must be equally thankful that Malta will be the recipient of a major investment in bioethanol production and developments that was notified in the press in March this year. This prospect which will involve €300+ million of external investment will create over 400 new and permanent jobs in that industry alone over the next few years. As I read also in the same briefing by Bloomberg was brought about by the fact that Malta has the right balance of skills in the work force which in this project means technicians and apprentices and scientists and the likes running up to a few in higher degrees all of which are available in Malta. This company indicated their reasons for coming to Malta and is likely to start its development during 2012. And whilst it hasn't been divulged presumably this bioethanol fuel will be available for use in Malta so assisting the country become less reliant on oil. Who invited this Company from England to set up their business here? Could it again be the Government? The recent computer games interest that has also been notified recently was also invited to be here by the Government. Yet again another 100 jobs in the offing. So it is not all gloom and doom about Malta's job figures. Of course from time to time there is an imbalance between the current skill base and the needs but that is inevitable. Don't bellyache about this though and say it is because of Capitalism. Most of the jobs created in the EU are from Private Enterprise as these three above are. Are the companies Volkswagen, Daimler-Benz, Volvo. Nestle, Danone, Siemens, Cadbury, Bayer, RHM, Guinness, Playmobil, C F Maier, Flygt Pumps, Shorts, Rolls and Royce etc. etc. all Private Companies? I think that you will find that they are! So when you cry out about its all capitalisms fault think again. So now when you hear that there is an opportunity for some further exciting inward investments to Malta take pride in these. It is currently widely published that there is a major company viewing the Republic of Malta to be its center of developments and a manufacturing base for the latest developments in photo-voltaic P-V cell technology. This system which is real is based upon thin-film spray-application (paint-style) P-V products that can be applied to virtually any surface exposed to the sun. So it could be applied to both old and new buildings to roofs or their façades or to new structures as factories or airports or bridges and rock-faced walls (of which Malta and Turkey are famous) harbours jetties or any structure and better more at a price which is around 20% of the current technology based on thin-film plates. Isn't this good news for Malta for not only could it become an exposition of such technology but also be part of the development drive of the company with untold export potential. This sounds brilliant for Malta to be at the center of a major new and innovative development. I am sure there are other countries that would be totally envious over this company sighting its business in Malta. But there are still others al waiting out there to enter the fray. Such Private Company opportunities must bot be shunned away in a reactive blast about capitalism but nurtured. I am sure that is what you want and you must agree.

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Capitalism thrives on exploition of others,that is why it is not good,that is why it is failing,and that is why we need something new,and something more humane.END OF STORY.