Eurozone unemployment hits record high at 12.2%

Official data shows eurozone’s unemployment rate has risen to a new record high in September as major states struggle to recover from a recession-hit economy by implementing tough austerity measures.

The EU statistical office, Eurostat, said on Thursday that the jobless rate in the eurozone rose to 12.2 percent in September from 12 percent in August, marking a sharp rise compared to last year when the unemployment rate was 11.6 percent.

The single currency area slashed an extra 60,000 jobs during the same period, pushing the total jobless people to 19.5 million, said the statistical office.

The unemployment rate for people under the age of 25 reached 24.1 percent in September from 24 percent in August, with 3.5 million youths out of work.

The numbers followed recent signs that the eurozone might be pulling out of its economic crisis that saw six straight quarters of decline.

Greece and Spain remained at the top of the jobless list with their rates standing above 26 percent.

This is while, Italy’s unemployment rate rose to 12.5 percent in September – the highest figure since 1977.

Europe plunged into financial crisis in early 2008. Insolvency now threatens heavily debt-ridden countries such as Greece, Portugal, Italy, Ireland, and Spain.

The worsening debt crisis has forced the EU governments to adopt harsh austerity measures and tough economic reforms, which have triggered incidents of social unrest and massive protests in many European countries.

 

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