Europe's jobless lines keep growing

Unemployment in the eurozone hit a new peak in October, underlining the misery facing millions of households suffering the effects of a recession that could last well into next year.

Eurostat data released Friday showed the jobless total in the 17-nation currency area rose by 173,000 to 18.7 million in October, boosting the unemployment rate to 11.7%. That figure stood at 11.6% in September, and compares with a rate of 7.9% in the U.S.

In the 27-nation European Union, 25.9 million people were out of work, pushing the unemployment rate to 10.7%, from 10.6% in September.

Over the course of the past 12 months, the number of people who were unemployed in the eurozone rose by nearly 2.2 million, with Greece, Portugal and Spain registering the highest year-over-year increases, as they implement deep spending cuts, tax rises and reforms to reduce borrowing.

Read Full Article from CNNMoney

- Posted: 2012-11-30 15:46:23

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