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Euro zone unemployment remained unchanged in November at 12.1 percent

The euro zone unemployment rate continued near record highs at 12.1 percent in November, unchanged from the October level, as a modest recovery produced few new jobs.

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The euro logo is seen in front of the European Central Bank in Frankfurt, Germany, on April 4, 2013. (AFP/Getty Images)

The euro zone unemployment rate continued near record highs at 12.1 percent in November, unchanged from the October level, as a modest recovery produced few new jobs, official data showed on Wednesday.

There were about 19.24 million jobless in the euro zone in November, up 4,000 from October but soaring by 452,000 compared with November 2012 as the debt crisis peaked, the Eurostat statistics agency said.

Euro zone unemployment hit a record 12.2 percent in September but this figure was subsequently revised down to 12.1 percent.

In the 28-member European Union, the unemployment rate was also flat, at 10.9 percent, but the jobless numbers rose 19,000 to 26.55 million in November and were up 278,000 compared with a year earlier.

The lowest unemployment rates were found in Austria with 4.8 percent and economic powerhouse Germany, 5.2 percent.

Twice-bailed out Greece was the highest at 27.4 percent, based on the latest figures available from September, while Spain was close behind on 26.7 percent.

Unemployment for those aged 16-25 also continued at very high levels, a constant cause of concern amid talk of a lost generation as governments cut spending to balance strained public finances.

The euro zone 16-25 unemployment rate was unchanged at 24.2 percent in November but in the EU it rose to 23.6 percent from 23.5 percent in October.

Worst affected in this category were Spain on 57.7 percent in November followed by Greece on 54.8 percent, again for September.

Germany was the lowest on 7.5 percent followed by Austria with 8.6 percent.

http://www.globalpost.com/dispatch/news/regions/europe/140108/euro-zone-unemployment-remained-unchanged-november-at-121-percen