Unemployment in Europe is spreading, according to new data from the EU, hitting 12 percent in January and February for the euro zone, the highest since 1999 when the euro was created. For the European Union as a whole, including those nations not using the euro, the unemployment rate was 10.9 percent in February.
So austerity isn't working. National and regional economies are fading, and millions are out of work. In Europe. More millions are out of work in America, but the clouds are not quite as dark here. This is not to say things are bright in America. GDP, the total value of all goods and services produced, dropped from a growth rate of 3.1 percent in the third quarter of last year to just 0.4 percent in the fourth quarter. First quarter figures are due out soon.
Meanwhile, manufacturing in America is slowing, with execs taking a watch and wait attitude as the government reduces its budget. Unemployment in the U.S. is nudging down -- barely, but it's still high.
What does it all mean? For starters, economic storm clouds are gathering worldwide, and it's not certain that April showers will bring May flowers. If and when a downturn takes hold, it won't be a short one.
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