Hotels largely escaping Europe’s jobless drain
Despite sunny skies over much of Europe’s hospitality industry, one cloud brewing on the horizon perhaps is the ugliness of mass unemployment.
Analysts are divided as to the effect this phenomenon will have. Some say the hotel industry does not care about 18 to 35 year olds, which make up the bulk of the unemployed. Others say they should, as this will be one generation—perhaps two if their children are taken into account—that might never experience a hotel stay.
The jobless rate decreased to 12.1% during October from September’s 12.2%, which was the first decrease since February 2011 across the 17 countries using the euro currency. However, more than 19 million people remain out of work across the eurozone, according to Eurostat, the European Union’s office of statistics.
In Greece, unemployment stood at 27.3% as of August, which was the most recent data available. Spain’s unemployment rate was 26.7% as of October, according to Eurostat.