Eurozone: Unemployment rate hits new record high
October 31, 2012
In September, the number of unemployed persons increased by 146,000 persons. The figure was up from the 96,000 new job seekers recorded in August (previously reported: +34,000), marking a 17th consecutive increase in the number of unemployed. As a result of the monthly rise, the unemployment rate reached 11.6% in September, which was up from a revised 11.5% in August (previously reported: 11.4%) and a notch above market expectations. The reading marks the highest unemployment rate since the inception of the Euro area. At a country level, Spain (25.8%) and Greece (25.1%, data from July) were the Euro area members with the highest unemployment rates. At the other end of the spectrum, Austria (4.4%) and Luxembourg (5.2%) recorded the lowest unemployment rates. Among the remaining major economies, France and Italy recorded the highest unemployment rates (both 10.8%), followed at a distance by Germany (5.4%).
Author: Armando Ciccarelli, Head of Data Solutions