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Thursday 28 August 2014

Another 173,000 out of work in eurozone as unemployment hits new record

Thomas Molloy

Published 30/11/2012 | 12:00

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UNEMPLOYMENT in the euro zone reached a new record in October, with another 173,000 people out of work.

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Unemployment rose to 11.7pc in October, European statistics agency Eurostat said, up from 11.6pc in September and a marked increase from the 9.9pc level a year ago, leaving almost 19 million people out of a job.

The news came a day after the Central Statistics Office said unemployment here fell slightly to 14.8pc in the third quarter.

Months of stubborn inflation combined with record unemployment have made life even harder for Europe’s indebted families struggling through three years of a public debt crisis that has forced governments and companies to drastically cut jobs.

"We have not yet emerged from the crisis," European Central Bank President Mario Draghi said today. "The recovery for most of the euro zone will certainly begin in the second half of 2013," he told French radio.

Portugal, for instance, shed more than one in twenty public sector jobs in the first nine months of 2012, while industries ranging from carmakers to financial groups have announced thousands of job cuts since September.

Still, the overall number masks wide divergences across the 17-nation bloc, with Austrian unemployment running at 4.3pc of the working population and Spain's joblessness levels at 26.2pc, the highest in Europe

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