If you’re looking for a job, don’t even think seeking your fortune in Europe. Unemployment rates across the Eurozone – the countries which use the euro – continue to climb and in February were at their highest level since the introduction of the single currency in 1999. Spain has been worst hit, with the unemployment rate amongst its under-25 population rising to an alarming 50.5% in February.

Across all countries in the euro region, the overall unemployment figure reached nearly 11% last month, and Spain recorded an overall unemployment rate of 23.6% in February.

Its youth, fresh out of university and hungry for jobs, now have a one in two chance of securing any kind of employment – what a cheerful prospect.

Europe’s manufacturing activity has also shrunk further in the last month. With the Eurozone still in the throes of a debt crisis the increase in the so-called ‘firewall’ –  an 800 billion euro lending mechanism to help bail out debt crippled nations – seems to be the region’s only hope of recovery.

[Sources: BBC News/Moneygame]