ECONOMY

Euro area unemployment hit record 12.2 pct in September, Eurostat figures show

The unemployment rate across the 17-country eurozone hit a record 12.2 percent in September, with about 19.5 million people classed as jobless by EU data agency Eurostat.

Thursday’s figures showed the August rate had been revised up from 12.0 percent to 12.2 percent.

But with an extra 60,000 people registered as unemployed across the single currency area, that meant nearly 19.5 million people were listed as out of work.

The seasonally-adjusted figures compare unfavorably with the rate for the United States, given as 7.2 percent for the same month.

Chronic youth unemployment data showed some 3.5 million people under the age of 25 listed as jobless.

The top German economy had the lowest rate in this category, of 7.7 percent.

Greece and Spain each recorded around 57 percent — with non-euro but new European Union entrant Croatia also suffering from similar youth unemployment, according to Eurostat details.

Analysts said the “revising away” in August of previous falls dented hopes of the labor market having bottomed out. [AFP]