Eurozone jobless rate hits record 10.8%

Source: Associated Press

Unemployment in the 17 countries that use the euro hit its highest level since the currency was introduced back in 1999, official figures showed Monday, adding to fears that the region is in recession.

Eurostat, the European Union's statistics office, said unemployment in the eurozone rose to 10.8 per cent in February from 10.7 per cent the previous month. The number of unemployed totaled 17.1 million, nearly 1.5 million higher than the same month a year ago. Of the 17 countries in the eurozone, seven countries had unemployment rates of above 10 per cent.

The figures stand in marked contrast to the U.S. — with an unemployment rate of 8.3 per cent — which has recorded solid increases in the number of people finding work over the past few months.

The eighth straight month of rising unemployment will likely reinforce concerns that the eurozone is in recession just as many countries pursue austerity measures to get a handle on their crippling debt loads


Read more: http://www.cbc.ca/news/business/story/2012/04/02/europe-unemployment-rate-spike.html