Eurozone unemployment rate at record high

BY: Enoch Darfah Frimpong

Separately, figures confirmed a deterioration in the eurozone's manufacturing sector in March.

The jobless figures from Eurostat also showed that Spain's unemployment rate hit 26.3 per cent in February, while the rate in Portugal remained stable at 17.5 per cent.

The lowest rates were recorded in Austria (4.8 per cent) and Germany (5.4 per cent), both unchanged from January. The overall unemployment rate for the eurozone in January was revised up from 11.9 per cent to 12 per cent.

Across the 27 member states of the European Union, the unemployment rate rose to 10.9 per cent, up from 10.8 per cent the previous month.

The fresh high in the unemployment rate "is further confirmation of the underlying weakness of the economy", said Jennifer McKeown at Capital Economics.

"The rise in unemployment was the 22nd in a row, making this labour market downturn the most prolonged since the early 1990s."

There was further gloomy news from the eurozone's manufacturing sector, as a survey indicated that manufacturing activity fell to a three-month low in March. — BBC