Eurozone Unemployment Hits Record 11.6%
Greece and Spain see the worst of it
By Newser Editors and Wire Services
Posted Oct 31, 2012 6:46 AM CDT
A man begs for alms in a street, in Pamplona, northern Spain, Tuesday, Oct. 30, 2012. Spain's National Statistics Institute says Tuesday that the country's economy contracted 0.3 percent in the third...   (Alvaro Barrientos)

(Newser) – Unemployment in the 17-country eurozone hit a record high of 11.6% in September, official figures showed today, a sign the economy is deteriorating as governments struggle to get a grip on their three-year debt crisis. The rate reported by Eurostat, the EU's statistics office, was up from an upwardly-revised 11.5% in August. Spain has the highest unemployment rate in the eurozone at 25.8%. Greece is not far behind at 25.1%, though its figure is from July.

Both countries, which are at the epicenter of Europe's three-year debt crisis, have youth unemployment above 50%. While the eurozone's unemployment rate has been rising steadily for the past year, the US has seen its equivalent rate fall to 7.8%. The latest US figures are due Friday. The lowest unemployment rate in the eurozone was Austria's 4.4%, while Germany has a jobless rate of only 5.4%.

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Showing 3 of 26 comments
Oct 31, 2012 4:49 PM CDT
I don't know how the Eurozone measures unemployment, but the most accurate government measure in the U.S. is U6 unemployment that is currently 14.7%.
Oct 31, 2012 12:24 PM CDT
The PROBLEM is... The European Union is like the United States of America .. but different in that they are "united" in a single currency .. but governed by separate countries..... The European Union is doomed to fail..... Most of the EU countries have NO natural resources, industries, and are at the mercy of other rising economies...... Spain, Greece, Italy, Ireland, and Portugal, etc, kept the old world buildings and didn't modernize, their economies...... NO money, natural resources, or manufacturing...... Germany cannot support all these separate governments, who are suffering economic hardships now...... The EU can ONLY survive, IF they have one President in a United Europe, like the United States.... ALL the countries form a central government, and that will never happen..... it's the END.
Oct 31, 2012 8:34 AM CDT
This is what austerity measures do for an economy. This is what Republicans are advocating for in the United States.