Eurozone: Unemployment rate picks up to new record high
November 30, 2012
In October, the number of unemployed increased by 173,000 persons. The figure was up from the 155,000 new job seekers recorded in September (previously reported: +146,000), marking the 18th consecutive increase in the number of unemployed and the largest in four months. As a result of the monthly rise, the unemployment rate reached 11.7% in October, up from the 11.6% recorded in September and in line with market expectations. The reading marks a new Euro area record high. At a country level, Spain (26.2%) and Greece (25.4%, data from August) were the Euro area members with the highest unemployment rates. At the other end of the spectrum, Austria (4.3%) and Luxembourg (5.1%) recorded the lowest unemployment rates. Among the remaining major economies, Italy had the highest unemployment rate (11.7%), followed by France (10.7%) and, at a distance, by Germany (5.4%).
Author: Armando Ciccarelli, Head of Data Solutions