The unemployment rate across the 17-nation euro-zone reached its highest level on record (22 years) at 11.2%
and becomes Europe's second scariest chart. The silver medal in scary
factor is quite an accomplishment with parabolic TARGET2 exposures and
plunging core short-term yields but the gold medal holder remains the
extreme levels of youth unemployment that remain in the periphery. It
would appear that Europe, in its haste to follow the lead of the US in
cost-cutting and blood-letting amid a significant
depression recession that clearly CEOs do not believe wil be short-lived, is seeing "
Companies
generally are under serious pressure to keep their labor forces as
tight as possible to contain their costs in the face of the current
limited demand, strong competition and worrying and uncertain growth
outlook,” and as
Reuters points out from IHS's Howard Archer, "
there looks to be a very real danger that the euro-zone unemployment rate could reach 12 percent in 2013."
http://www.zerohedge.com/news/europes-second-scariest-chart
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