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Eurozone Jobless Rate Hits Record 11.4%

Companies cut jobs amid debt crisis; German unemployment rate at 5.5%.

By Gabi Thesing, Bloomberg | Updated on October 01, 2012

The unemployment rate in the euro area reached the highest on record as the festering debt crisis pushed the economy toward a recession, prompting companies to cut jobs.

Unemployment in the economy of the 17 nations using the euro was 11.4 percent in August, the same as in June and July after those months’ figures were revised higher, the European Union’s statistics office in Luxembourg said today. That’s the highest since the data series started in 1995 and in line with median of 30 economists’ forecasts in a Bloomberg News survey.

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