Eurozone's jobless rate climbs to high 11.6%
Source: Agencies |
November 1, 2012, Thursday
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Print Edition
Print Edition
UNEMPLOYMENT in the 17-country eurozone rose to a record 11.6 percent in September, official figures showed yesterday, in another grim development for a region that is struggling to get to grips with a three-year debt crisis.
The rate reported by Eurostat, the European Union's statistics office, is up from an upwardly-revised 11.5 percent in August. In total, 18.49 million people were out of work in the eurozone in September, up 146,000 on the previous month.
While the eurozone's jobless rate has been rising steadily for the past year as its economy struggled, the United States has seen its equivalent rate fall to 7.8 percent. The latest US figures are due tomorrow.
Five countries in the eurozone are already in recession - Greece, Spain, Italy, Portugal and Cyprus. The region as a whole is expected to be confirmed to be in recession when the first estimate of eurozone economic activity in the third quarter is published mid-November. A recession is officially confirmed after two consecutive quarters of negative growth.
Spain was in the ignominious position of having the highest jobless rate in the eurozone, at 25.8 percent. Greece was not far behind at 25.1 percent, though its figure relates to July.
Both countries, which are at the epicenter of Europe's three-year debt crisis, have youth unemployment above 50 percent.
The lowest jobless rate in the eurozone was Austria's 4.4 percent. Germany, Europe's biggest economy, has a jobless rate of only 5.4 percent.
The rate reported by Eurostat, the European Union's statistics office, is up from an upwardly-revised 11.5 percent in August. In total, 18.49 million people were out of work in the eurozone in September, up 146,000 on the previous month.
While the eurozone's jobless rate has been rising steadily for the past year as its economy struggled, the United States has seen its equivalent rate fall to 7.8 percent. The latest US figures are due tomorrow.
Five countries in the eurozone are already in recession - Greece, Spain, Italy, Portugal and Cyprus. The region as a whole is expected to be confirmed to be in recession when the first estimate of eurozone economic activity in the third quarter is published mid-November. A recession is officially confirmed after two consecutive quarters of negative growth.
Spain was in the ignominious position of having the highest jobless rate in the eurozone, at 25.8 percent. Greece was not far behind at 25.1 percent, though its figure relates to July.
Both countries, which are at the epicenter of Europe's three-year debt crisis, have youth unemployment above 50 percent.
The lowest jobless rate in the eurozone was Austria's 4.4 percent. Germany, Europe's biggest economy, has a jobless rate of only 5.4 percent.
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