Eurozone Unemployment Rises to New Record

 
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Unemployment in the 17-country eurozone hit a record high of 11.6% in September, official figures showed October 31, a sign the economy is deteriorating as governments struggle to get a grip on their three-year debt crisis.

The rate reported by Eurostat, the EU's statistics office, was 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, the biggest increase in three months. The eurozone's government spending cuts and unemployment rate has been rising steadily for the past year as the economy struggled with a financial crisis.

Five countries in the eurozone are already in recession — Greece, Spain, Italy, Portugal and Cyprus — and others are expected to join them soon. The region as a whole is expected to be confirmed to be in recession when economic activity of 3rd quarter is published mid-November — a recession is officially confirmed after two consecutive quarters of negative growth.

Once again, Spain held the ignominious position of having the highest unemployment rate...

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