By Daniel Hunter
The woes of the Eurozone have continued into the new year, as official figures reveal that the unemployment rate hit a new all-time high of 11.8% in November.
This is a slight rise on 11.7% for the 17-nation region in October. The rate for the European Union as a whole in November was unchanged at 10.7%.
The highest country rate was inSpain, which is mired in deep recession, with unemployment coming in at 26.6%. More than 26 million people are now unemployed across the EU.
For the eurozone, the number of people without work reached 18.8 million, Eurostat, the official European statistics agency said.
“The new Eurozone unemployment figures are shockingly bad. The Draghi plan may have bought time, but that is all it has done — it is clear that the economic implosion of several member states continues at a troubling pace," Graeme Leach, Chief Economist at the Institute of Directors, said.
"The headline figures spell bad news, but that is compounded by the political and human impact of terrifying levels of youth unemployment in Spain, Greece and Italy. This saga is far from over, whatever President Barroso may believe, and it seems it is set to get worse in 2013.”
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