News Column

Eurozone Unemployment Hits 12.1 Percent

July 1, 2013

Jobless ranks in the eurozone swelled in May, with the unemployment rate in the currency bloc reaching 12.1 per cent, data released on Monday showed.

Another 67,000 people joined those out of work in May, bringing the total to 19.2 million, according to the European Union's statistics agency Eurostat.

The agency reported a 12.2 per cent rate in April, which it revised down to 12.0 per cent.

The number of people looking for work has been on the rise since mid-2011. Many analysts believe that it will rise further still because of the eurozone's enduring debt crisis.

Youth unemployment has received particular attention amid fears that a "lost generation" is in the making. In May, 3.5 million people under the age of 25 were jobless in the eurozone, bringing the youth unemployment rate to 23.8 per cent, Eurostat said.

Greece and Spain continued to post the worst unemployment figures, while Austria and Germany retained the lowest rates.

In the wider 27-member EU, the unemployment rate remained at 10.9 per cent, although another 16,000 people joined the jobless ranks. A total of 26.4 million people are unemployed in the bloc.

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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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