Eurozone unemployment rate hits new high in October

[Gerald]

Unemployment is highest in Spain, partly due to the collapse in the property market.

The eurozone's unemployment rate hit a new record high in October, while consumer price rises slowed sharply.

The jobless rate in the recessionary euro area rose to 11.7%. Inflation fell from 2.5% to 2.2% in November.

The data came as European Central Bank president Mario Draghi warned the euro would not emerge from its crisis until the second half of next year.

Government spending cuts would continue to hurt growth in the short-term, Mr Draghi said.
'Two-speed Europe'

The unemployment rate continued its steady rise, reaching 11.7% in October, up from 11.6% the month before and 10.4% a year ago.A further 173,000 were out of work across the single currency area, bringing the total to 18.7 million.

http://www.bbc.co.uk/news/business-20554321

Not the best Christmas present.


Note: 30 November 2012 Last updated at 13:08 GMT