Eurozone Unemployment Reaches Record High

Posted January 8th, 2013 at 6:20 am (UTC-5)
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The unemployment rate across the eurozone has reached a record high of 11.8 percent.

Joblessness figures released Tuesday by the European Union showed the rate for November 2012 had crept up a tenth of a percent in October of the same year. The report shows nearly 19 million people were unemployed in the countries using the euro currency in November, a rise of some 113,000 people from a month earlier.

The report also looked at annual figures. It said two million more people in the eurozone were unemployed in November 2012 than in November 2011.

Greece and Spain remain the European countries with the worst unemployment problems, with each country's rate topping 26 percent. Youth unemployment rates in those countries were even higher, both hovering around 57 percent.

The report also gave figures for an area comprising all 27 European Union members countries, including those which do not use the euro. Across all EU members, the joblessness rate was 10.7 percent in November, with some 26 million men and women unemployed.

Unlike the eurozone, the unemployment rate for all EU members remained stable from October to November last year.