Market Updates
Record High Unemployment in Euro Zone
Nigel Thomas
02 Apr, 2013
New York City
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Unemployment rate in the euro zone increased to 12% in February and was revised to the same from 11.9%, according to the latest data released by the Eurostat.
Unemployment rate in the euro zone increased to 12% in February and was revised to the same from 11.9%, according to the latest data released by the Eurostat.
A total of 19 million people were looking work in the euro zone, 2 million more than a year ago month. The euro zone is made up of more than 330 million people.
Jobless rate in the European Union rose to 10.9% from 10.8% with more than 26 million people out of work. Unemployment rate in Germany was held at 5.4%.
In the month, 33,000 additional jobs were lost, the slowest monthly increase since April 2011 and significantly smaller increase than 222,000 in January.
The euro zone economy is expected to shrink 0.3% in 2013, according to the European Commission, the executive branch of the 27-nation block of European Union.
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