Nobody is talking “funemployment” on the other side of the Atlantic:

The percentage of those out of work in the euro zone was 12.1% in the month, up from 12% in April and a marked drop from the 11.3% recorded in May last year, according to EuroStat, which released the figures on Monday. The highest rates in the 17-country euro-zone were in Spain and Greece, with jobless rates of 26.9% and 26.8% respectively. Across the wider 27-member EU, unemployment was stable compared with April, at 10.9%, but down from 10.4% a year ago.

We’re about one more bubble-pop away from similar number, which is something to keep in mind as the Fed continues to prop up housing prices.