by Calculated Risk on 4/02/2013 09:18:00 PM

On Europe from the NY Times: Unemployment in Euro Zone Reaches a Record 12%

The euro zone jobless rate rose to 12.0 percent in the first two months of the year, the latest in a series of record highs tracing to late 2011, Eurostat, the statistical agency of the European Union, reported Tuesday.

The agency revised upward the January jobless rate for the euro zone from the previously reported 11.9 percent, itself a record. For the overall European Union, Eurostat said the February jobless rate rose to 10.9 percent from 10.8 percent in January, with more than 26 million people without work across the 27-nation bloc.

Both the jobless rates and the number of unemployed are the highest Eurostat has recorded in data that reach back to 1995, before the creation of the euro.
...
“Europe is pursuing a policy that is self-evidently failing.” [said Mark Cliffe, chief economist at ING Group].

In Europe, "self-evidently failing" apparently means more of the same.

Wednesday economic releases:
• 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• Early, Reis Q1 2013 Apartment survey of rents and vacancy rates will be released.

• At 8:15 AM, The ADP Employment Report for March. This report is for private payrolls only (no government). The consensus is for 205,000 payroll jobs added in March.

• At 10:00 AM, ISM non-Manufacturing Index for March. The consensus is for a reading of 56.0 unchanged from 56.0 in February. Note: Above 50 indicates expansion, below 50 contraction.