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Eurozone unemployment remains unchanged in Nov

Brussels: The eurozone unemployment rate continued near record highs at 12.1 per cent in November, unchanged from the October level, as a modest recovery produced few new jobs, according to sources.

There were about 19.24 million jobless in the eurozone in November, up by 4,000 from October but soaring by 452,000 compared with November 2012 as the debt crisis peaked, the Eurostat statistics agency said.

Eurozone unemployment hit a record 12.2 per cent in September but this figure was subsequently revised down to 12.1 per cent.

In the 28-member European Union, the unemployment rate was also flat, at 10.9 per cent, but the jobless numbers rose 19,000 to 26.55 million in November and were up 278,000 compared with a year earlier.

The lowest unemployment rates were found in Austria with 4.8 per cent and economic powerhouse Germany, 5.2 per cent.

Twice-bailed out Greece was the highest at 27.4 per cent, based on the latest figures available from September, while Spain was close behind on 26.7 per cent.

Unemployment for those aged 16-25 also continued at very high levels, a constant cause of concern amid talk of a lost generation as governments cut spending to balance strained public finances.

The eurozone 16-25 unemployment rate was unchanged at 24.2 per cent in November but in the EU it rose to 23.6 per cent from 23.5 per cent in October.

Worst affected in this category were Spain on 57.7 per cent in November followed by Greece on 54.8 per cent, again for September.

Germany was the lowest on 7.5 per cent followed by Austria with 8.6 per cent.

 

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