Old Man Europe's unemployment situation is getting worse, while the US is getting better
While the US is starting to have robust growth and some good news in unemployment, things are even worse in Europe. Unemployment is going up, albeit mostly around the periphery. Germany and especially Netherlands have unemployment numbers which would make the US envious. Via Eurostat:
The euro area (EA16) seasonally-adjusted unemployment rate was 10.1% in October 2010, compared with 10.0% in September. It was 9.9% in October 2009. The EU27 unemployment rate was 9.6% in October 2010, unchanged compared with September. It was 9.4% in October 2009.
Among the Member States, the lowest unemployment rates were recorded in the Netherlands (4.4%), Austria (4.8%) and Luxembourg (5.0%), and the highest in Spain (20.7%), Latvia (19.4% in the second quarter of 2010) and Lithuania (18.4% in the third quarter of 2010).
Compared with a year ago, the unemployment rate fell in eight Member States and increased in nineteen. The largest falls were observed in Germany (7.5% to 6.7%), Malta (6.9% to 6.2%), Sweden (8.8% to 8.1%) and Finland (8.7% to 8.0%). The highest increases were registered in Lithuania (14.4% to 18.4% between the third quarters of 2009 and 2010), Greece (9.2% to 12.2% between the second quarters of 2009 and 2010) and Latvia (16.5% to 19.4% between the second quarters of 2009 and 2010).