When contemplating the following snippet, we suggest you keep in mind that non-farm unemployment in the US at the worst of the Great Depression was approximately 25%.
One of Spain’s main problems is a record high level of unemployment which is to reach almost 27 percent of the workforce this year. Joblessness in the whole euro zone is set to peak at 12.2 percent, or more than 19 million people, in 2013, the Commission said.
Read the whole article (opens in a new tab so you may easily comment here): Euro Zone Economy to Shrink Again in 2013, EU Says.
Now, tie that in with our previous post: Spain’s Contraction Self Perpetuating?