Eurozone unemployment climbs to yet another record | Business| Economy and finance news from a German perspective | DW | 30.11.2012
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Eurozone unemployment climbs to yet another record

In October, the recession in Europe added thousands more people to the continent's jobless queues. Notably in its debt-laden southern periphery, the unemployment drama seems to worsen from month to month.

Unemployment in the 27-nation European Union rose to 10.7 percent in October, as another 204,000 people were made redundant, pushing the unemployment total to 25.9 million, according to latest available data released by the EU's statistics office, Eurostat, Friday.

Eurostat data showed that in the eurozone, which comprises 17 European nations that share the euro, the jobless rate was even higher at 11.7 percent – the highest level recorded since the introduction of the single currency in 2002.

In October, another 173,000 joined the jobless ranks in the debt-wracked currency area, driving the total up to 18.7 million unemployed people, or 2.2 million more than a year earlier.

The eurozone unemployment total included 3.6 million young people under the age of 25, meaning that 23.9 percent of all youngsters in the eurozone didn't have a job. Youth unemployment rates were the worst in Greece and Spain with 55 percent each.

According to Eurostat data, the two countries also reported the highest overall unemployment with 26.2 percent for Spain in October, and 25.4 percent for Greece, which was the latest available figure from that country.

As in previous months, eurozone countries in the North recorded the lowest unemployment, with Austria reporting a rate of 4.3 percent, and followed by Luxembourg (5.1 percent), Germany (5.4 percent) and the Netherlands (5.5 percent).

uhe/mz (dpa, AP, Reuters)