- Hannes Swoboda, the president of the Socialist group at the European Parliament
The unemployment rate in the Eurozone remained at a record high of 11.3 per cent in July, Eurostat's data showed on Friday, August 31. Despite the fact overall jobless rate remained unchanged, 88,000 more people were without a job in July, bringing the total to 18 million.
"Partners at all levels need to do all they can to avoid a lost generation which will be an economic and social disaster," said EU Employment Commissioner Laszlo Andor.
"We must not get used to these excruciatingly high levels of unemployment," said Hannes Swoboda, the president of the Socialist group at the European Parliament.
Also Friday, the Eurozone's inflation rate jumped 2.6 per cent year-on-year in August, up from 2.4 per cent in the preceding month, reducing possibility that the ECB will cut interest rates on Thursday, September 6.
The Stoxx Europe 600 Index rose 0.48 per cent to 266.23. Germany's DAX Index added 1.09 per cent to 6,970.79 and France's CAC 40 Index gained 1.00 per cent to 3,413.07.
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