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Euro-Area Unemployment Hits Record 11.7%

October jobless rate rises amid fiscal crisis and tougher austerity measures.

By Angeline Benoit and Marcus Bensasson, Bloomberg | Updated on November 30, 2012

The euro-area jobless rate rose to a record in October and inflation slowed for a second month in November as the fiscal crisis and tougher austerity measures deepened the region’s economic woes.

Unemployment in the 17-nation single-currency bloc increased to 11.7 percent from 11.6 percent in September, the European Union’s statistics office in Luxembourg said today. That’s the highest since the data series started in 1995 and is in line with the median estimate of 34 economists in a Bloomberg News survey. Inflation slowed more than forecast to 2.2 percent as energy prices fell, a separate report showed.

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