Submitted by CARPE DIEM

BRUSSELS, Belgium: Unemployment in the 13 nations that use the euro fell to a new record low of 7.2% in October, the EU statistics agency Eurostat said Monday, as Europe’s recent growth spurt cut jobseeker queues that are the longest in the industrialized world.

The difference between the EU and USA?

In Europe, a 7.2% jobless rate is celebrated as a historical record low (see chart above).

In the U.S., a 6.0% unemployment rate in 2003 was condemned and criticized as a “jobless recovery” during the economic expansion that started at the end of 2001.

Bottom Line: In terms of unemployment rates, the U.S. economy, even during its worst years of recessionary labor market conditions like 2001-2003, is still better than the European economy during its best years.

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