Millions in Spain and Italy Have Given Up on Looking for a Job

(Bloomberg) -- Unemployment in the European Union may be declining, yet that doesn’t take into account about 7.5 million people who are willing to work but have given up on searching for a job. The so-called underemployment rate was worst in Spain, Italy and Greece at the end of the third quarter, according to Bloomberg calculations based on labor market data published by Eurostat. The three countries account for more than half of the total of this hidden unemployment in the 27-country bloc.

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