Eurozone Unemployment Hits Record 11.4%

June, July, and August all at depressing level

By Evann Gastaldo,  Newser Staff

Posted Oct 1, 2012 8:18 AM CDT

(Newser) – Europe had a very cruel summer: Unemployment in the eurozone a record high of 11.4% in June, July, and August, the European Union's statistics office announced today. "An end to the horror is not in sight," says one economist. "Unemployment rates are still increasing and look set to increase further." Particularly worrisome is the fact that even countries like Germany, which had been doing relatively well, are now seeing increased unemployment. Europe's debt crisis has led companies to cut jobs and postpone hiring as a recession looms, Bloomberg reports.

People enter a unemployment office in Madrid, Spain, Thursday, Aug. 2, 2012.   (AP Photo/Andres Kudacki)
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