European Unemployment hits New High | Global Research

European Unemployment hits New High | Global Research:

According to new figures issued by the Eurostat data agency, unemployment across the 17-country euro zone hit a record 12.2 percent in September. An additional 60,000 people registered as unemployed, bringing the jobless total in the euro zone to 19.5 million. Eurostat also revised upwards its jobless figure for August from 12.0 percent to 12.2 percent.

The official jobless rates in both Greece and Spain are well over 25 percent. Unemployment in France rose to 11.1 percent in September from 11 percent in August, while in Italy the rate climbed to 12.5 percent from 12.4 percent.

In the 27-member European Union, the official jobless rate was unchanged in September, remaining at 11 percent for the fourth straight month.

The Eurostat figures notoriously underestimate the real level of unemployment, not taking into account those who have given up looking for work or the millions who want full-time employment but have been forced to take a part-time job.