Eurozone: Unemployment rate stable at record high
October 1, 2012
In August, the number of unemployed persons increased by 34,000. The figure was down from the 86,000 new job seekers recorded in July and marked the smallest increase recorded since April 2011. The reading represents, nonetheless, a 16th consecutive increase in the number of unemployed. Despite the monthly rise, the unemployment rate remained stable at July's 11.4%, mirroring market expectations and marking the highest unemployment rate since the inception of the Euro area. At a country level, Spain (25.1%) and Greece (24.4%, data from June) were the Euro area members with the highest unemployment rates. At the other end of the spectrum, Austria (4.5%) and Luxembourg (5.2%) recorded the lowest unemployment rates. Among the remaining major economies, Italy recorded the highest unemployment rate (10.7%), followed by France (10.6%) and Germany (5.5%).
Author: Armando Ciccarelli, Head of Data Solutions