Eurozone unemploymet rate reaches its new high in November

Note: This section contains information in English only.
Source: Bloomberg
© Scanpix/AP
Unemployment in the 17-nation bloc rose in line with economists expectations in November to the highest level since the data began to be released in 1995 amid unfavorable economic situation and tough fiscal measures, the European Union's statistical office in Luxembourg reported on Tuesday. The Eurozone jobless rate went up from 11.7% in October to 11.8% the following month.

"In the southern areas of the euro zone, demand is very weak and therefore there is no way to see fundamental improvement in labor-market conditions," said Uwe Duerkop, an economist at Landesbank Berlin. "There might be some stabilization in the labor market in the second half of the year where one can expect this trend of growing unemployment numbers to stop, but that's not the story for the moment."
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Tue, 08 Jan 2013 15:54:10 GMT

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