Wednesday, November 30, 2011

Eurozone unemployment rate rises to 10.3%

The eurozone unemployment rate rose slightly to 10.3% in October, up from a revised 10.2% in September, official figures have shown.

The number of people unemployed rose by 126,000 from September to 16.3 million.

The rate in Germany fell to 5.5% from 5.7%, while that in Spain rose to 22.8% from 22.5%, Eurostat said. Youth unemployment in Spain rose to 48.9%.

Separate figures also released by Eurostat showed the eurozone inflation rate unchanged at 3% in November.

Earlier this month, the European Central Bank cut eurozone interest rates to 1.25% from 1.5%, and at the time said the inflation rate would remain at "elevated levels" for a number of months.

However, the bank forecast that inflation would fall to below 2% next year. more