Eurozone Jobless Rate Hits New High
Posted on Oct 31, 2012
Unemployment in the eurozone has climbed to nearly 18.5 million people across 17 countries, with 146,000 people joining the ranks of the jobless just last month, The Guardian reports.
The jobless rate rose from 11.5 percent in August to 11.6 percent in September. Unemployment of Spanish youths under age 25 rose from 53.8 percent to 54.3 percent. The European Union saw 25.751 million men and women without jobs last month.
“With surveys suggesting that firms are becoming more reluctant to hire, the eurozone unemployment rate looks set to rise further, placing more pressure on struggling households,” said Ben May, European economist at Capital Economics.
—Posted by Alexander Reed Kelly.
The lowest unemployment rates were recorded in Austria (4.4%), Luxembourg (5.2%), Germany and the Netherlands (both 5.4%), which are near full employment. Spain (25.8%) and Greece (25.1% in July) had the highest unemployment in the eurozone, while France looks much like Italy (both at 10.8%), with a steady rise in joblessness. August data for Greece will be published next week, although the true picture is probably worse, as a growing number of Greek workers remain nominally employed but have not been paid for some time.
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