Friday, May 31, 2013

Unemployment hits record high across the Eurozone at 12.2%, leaving nearly 20million people out of work

Unemployment has reached a new high in the euro zone, with nearly 20 million people out of work, while inflation remains well below the European Central Bank's target.

Joblessness in the 17-nation currency area rose to 12.2 percent in April, Eurostat said on Friday, marking a new record since the EU's statistics office started collecting data on the countries in 1995.

With the euro zone also in its longest ever recession since its creation in 1999, consumer price inflation was far below the ECB's 2 percent target in May, although it ticked up to 1.4 percent from 1.2 percent in April.