Eurozone: Unemployment hits new Euro area record high
January 8, 2013
According to data released by Eurostat on 8 January, the number of unemployed increased by 113,000 persons in November. The figure was down from the 220,000 new job seekers recorded in October (previously reported: +173,000) and marked the 19th consecutive increase in the number of unemployed. As a result of the monthly rise, the unemployment rate reached 11.8% in November, up from the 11.7% recorded in October and in line with market expectations. The reading marks a new Euro area record high.
At a country level, Spain (26.6%) and Greece (26.0%, data from September) were the Euro area members with the highest unemployment rates. At the other end of the spectrum, Austria (4.5%) and Luxembourg (5.1%) recorded the lowest unemployment rates. Among the remaining major economies, Italy had the highest unemployment rate (11.1%), followed by France (10.5%) and, at a distance, by Germany (5.4%).
Author: Armando Ciccarelli, Head of Data Solutions