Euro Area Unemployment Rises to 11.6% (by SB)

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Data released today (Wednesday) shows that unemployment continues to rise
unabated in the Euro Area, and now sits at 11.6%, as shown on
the graph below. It's been rising since the lows in 2007 and is well above the
levels seen in January 2000. For details of the report, click here.

So far, the ECB's LTRO 1 & 2 programs have
not resolved the unemployment problem in the Euro Area…for that matter,
neither have the actions of the EU, to date.

In the meantime,
the STOX50 remains range-bound within a zone of major
resistance below the 2011 highs, as shown on the Daily chart
below. Price is swirling around the 50 sma, but declining RSI, MACD, and
Stochastics Indicators are indicating weakness within this zone. In the absence
of encouraging and co-ordinated political, economic, fiscal, and financial
actions/reform by EU countries, I expect this Index to decline and, potentially,
test the uptrend line, which currently sits at 2350.