08 Jan, 2013

Unemployment reaches new high

08 Jan, 2013

The unemployment rate across the eurozone hit a new all-time high of 11.8% in November, official figures have shown.  This is a slight rise on 11.7% for the 17-nation region in October. The rate for the European Union as a whole in November was unchanged at 10.7%.   Spain, which is mired in deep recession, again recorded the highest unemployment rate, coming in at 26.6%.   More than 26 million people are now unemployed across the EU.

The youth unemployment rate was 24.4% in the eurozone, and 23.7% in the wider European Union. Youth unemployment – among people under 25 – was highest in Greece (57.6%), followed by Spain (56.5%).

Overall unemployment was lowest in Austria (4.5%), Luxembourg (5.1%) and Germany (5.4%).

Despite Spain having the highest overall unemployment, recent figures from Spain’s Labour Ministry suggest that the number of people registered as out of work in the country – a narrower measure than the Eurostat figures – fell in December.

Credit: BBC/Reuters