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Economy

Record-Breaking 17.4 Million Jobless in Euro Zone

Translated Thursday 7 June 2012, by Gene Zbikowski and reviewed by Derek Hanson

The unemployment rate in the euro zone hit a record 11% of the working population in April. It’s the first time since the creation of the euro zone that the rate has hit 11%.

According to Eurostat’s figures, 17.4 million people were out of work in the euro zone in April, 110,000 more people than in March. It marks the twelfth month in a row that joblessness has reached or exceeded 10% in the euro zone. In one year, 1.79 million more people have lost their jobs in the euro zone. In the European Union, the unemployment rate rose to 10.3% in April as against 10.2% in March. This represents a new record for the 27-nation European Union.

24.3% jobless rate in Spain

Among the 27 member states, Spain remains by far the country hit hardest with the highest unemployment rate in Europe (24.3%). The under-25s are suffering the most, as over half of the young people are out of work in Spain. In Greece, the unemployment rate is 21.7%, according to the latest figures available, which date from February.

The lowest unemployment rates were in Austria (3.9%), Luxemburg and the Netherlands (both at 5.2%) and in Germany (5.4%), according to Eurostat.


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