This is a devastating chart.
Eurozone unemployment hits a brand new high of 12.1%.
Click the chart to enlarge.
What else can you say but that this is a total disaster.
From the report:
Eurostat estimates that 26.521 million men and women in the EU27, of whom 19.211 million were in the euro area, were unemployed in March 2013. Compared with February 2013, the number of persons unemployed increased by 69 000 in the EU27 and by 62 000 in the euro area. Compared with March 2012, unemployment rose by 1.814 million in the EU27 and by 1.723 million in the euro area.
Among the Member States, the lowest unemployment rates were recorded in Austria (4.7%), Germany (5.4%) and Luxembourg (5.7%), and the highest in Greece (27.2% in January), Spain (26.7%) and Portugal (17.5%).
Check Out These Insane Levels Of Youth Unemployment In Europe
Spain, Portugal, Italy, and Cyprus (with numbers of 55.9%, 38.3%, 38.4%, and 32.3% respectively) really stand out.
The Jobs Outlook Just Got a Whole Lot Worse In U.S.
Weak corporate top-line growth is likely to spell an equally troubled bottom line for the 11.7 million unemployed.
Quarterly earnings thus far have shown the typical strong level of profit beats, with just more than two of three companies in theStandard & Poor’s 500 exceeding Wall Street expectations.
But when it comes to actual sales growth, the results have been just north of dismal.
A mere 38 percent of the 271 S&P 500 companies that had reported through Friday topped revenue estimates, with the aggregate figure actually showing a sales decline of 1.45 percent, according to Zacks Investment Research.
Such weak profit growth generally equates with low hiring.
“The loss of momentum in the U.S. economy has been palpable, but what looks to be a soft patch in yet another 2 percent year for real economic growth now has the potential to morph into something more painful,” RBC Capital Markets economists Tom Porcelli and Jacob Oubina said in a report.
ALL the folks I know WITH a job are miserable…less hours, more work, lay-offs, Obamacare, higher taxes,no advancement opportunities, stressed-out bosses…really depressing!
GARY SHILLING: Companies Pay People More? Henry, You’re A Marxist!
One of the big problems in the U.S. economy right now is that big corporations are generating record profits not by growing revenues but by cutting costs.
“Costs,” as everyone who works for a big corporation knows, are a synonym for employees, employee wages, employee perks, capital investment, and research and development.