Baku - APA-Economics. Public spending cuts and collapsing business confidence have sent unemployment in the eurozone to a record 16 million people, up 587,000 on the same month in 2010, The Guradian reported.
Official figures compiled by Eurostat, the EU’s statistics agency, show the heavy toll taken on the workforce by austerity measures and the slowdown in the eurozone economy during 2011.
Unemployment across the 17-member single currency area hit 16.4 million by November. The unemployment rate – the proportion of the workforce without a job – has risen only slightly over the past 12 months, to 10.3%; but many workers have given up on finding a job.
In bailed-out Greece, the unemployment rate stands at 18.8%, up from 13.3%; while Spain now has the highest unemployment rate in Europe, at 22.9%. In Germany, however, still the motor of the European economy, and as yet relatively unscathed by the downturn, the rate declined, from 9.1% to 8.1%.
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