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Eurozone Unemployment Reaches Record High

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Unemployment in the eurozone (the countries using the common currency) ticked up in October to a new record, according to seasonally adjusted data compiled by statistics agency Eurostat, advancing to 11.7% from September's 11.6%. In the European Union's 27 member states, the indicator rose to a seasonally adjusted rate of 10.7% from 10.6% the previous month.

Both October rates are substantially higher than they were in the same month of 2011. For the EU it was 9.9% then, while the eurozone recorded 10.4%.

Over that one-year span, 16 EU countries saw an increase in unemployment, nine experienced a decrease, and two remained stable.

Countries with the lowest jobless rates this past October were Austria, with 4.3%, Luxembourg, at 5.1%, and Denmark, at 5.4%. The highest rates were recorded by Spain (26.2%), Greece (25.4%), and Portugal (16.3%).

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  • Report this Comment On December 03, 2012, at 10:19 AM, StopPrintinMoney wrote:

    I have news for you. If US measured its 2000's unemployment the way it was measured during 1930's, the unemployment rate would be 23-25%. Google for details if you are interested....

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