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Thursday, March 1, 2012

Eurozone unemployment at record high

(Financial Times) -- Unemployment in the 17-member eurozone jumped to an all-time high of 10.7 per cent in January, underlining the challenges facing European leaders as they gather in Brussels for a summit dedicated to finding ways to restart the continent's economy.

The figures represented the loss of an additional 185,000 jobs from December, according to Eurostat, the European Union's statistics arm, and were slightly worse than the 10.4 per cent many economists had forecast.

The situation remained particularly severe in Spain, where unemployment hit 23.3 per cent in January, up from 20.6 per cent a year ago. Spain's youth unemployment came in just shy of 50 per cent.

The grim news on jobs was accompanied by a rise in inflation, with the consumer price index edging up to 2.7 per cent in February as a result of high oil prices brought on by a cold winter. Read More