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Eurozone jobless hits fresh record high

Eurozone jobless hits fresh record high
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The number of people out of work in the eurozone stuck at record highs in September and the August total was revised up. It was 12.2 percent of the bloc’s workforce for both months.

The global financial crisis and European sovereign debt crisis have wiped out hundreds of thousands of jobs over the past four years.

The grim numbers from the EU statistics agency show that modest economic growth in the region has still to improve the labour market situation.

There were 60,000 more eurozone jobseekers in September that in August bringing the total to 19,473,000 .

The youth unemployment total is at double the overall average at 24.1 percent.

Jobless rates for under 25-year-olds in the European Union continue to worsen. In countries like Spain and Greece they are above 50 percent. Only in Germany and Austria are they below 10 percent.

The European Central Bank has said there is the risk of losing a generation of young workers unless growth is revived by addressing the region’s long-term structural problems.