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February 4, 2011

Global Jobless Index among Youth

Europe’s unemployment rate unexpectedly increased to 10 percent, the highest in more than 11 years, Spain has the highest youth-unemployment rate, at 42%, more than twice the unemployment rate of adults aged 25-54. In New Zealand, Sweden and Luxembourg, the youth-to-adult unemployment ratio is more than four. Germany has the lowest ratio (1.3), largely thanks to its successful apprenticeship system. 

At 19.4 percent, Spain had the highest unemployment rate in November among the 16 countries using the euro, today’s report showed. Austria and the Netherlands had the lowest jobless rates with 5.5 percent and 3.9 percent, respectively. The number of unemployed people rose by 102,000 to 15.7 million from October, the statistics office said. 

The OECD warns that recovery will be slow and forecasts that youth unemployment will still be around 20% by the end of 2011.European companies are cutting jobs and paring wages to shore up earnings battered by the global slump. While economic confidence has risen to a level last seen before the 2008 demise of Lehman Brothers Holdings Inc., a surge in energy costs and a stronger euro threaten to damp the recovery. 

In Germany, Europe’s largest economy, unemployment unexpectedly declined in December, keeping the jobless rate at 8.1 percent,