Thursday, November 1, 2012

Eurozone Unemployment Hits Record 11.6 Percent

Unemployment figures for the Eurozone hit a record high, clocking in 11.6 percent for September from a previous figure of 11.5 percent in August.

The 17-country economy, experts say, is showing signs of slow decline due to the three-year debt crisis which has plagued the region.

Currently, five countries are already in a state of recession - Greece, Spain, Italy, Portugal and Cyprus — other nations are predicted to join them in the coming months.

"With surveys suggesting that firms are becoming more reluctant to hire, the eurozone unemployment rate looks set to rise further, placing more pressure on struggling households," says Ben May of Capital Economics.