Content Section
11.4 PERCENT Euro-Zone Unemployment Record 11.4 Percent Antonio Heredia / AP Photo

Euro-Zone Unemployment Spikes

Unemployment in the euro zone hit a record 11.4 percent on Monday, and a new factory report showed that manufacturing dipped again, an indication that a new recession may be settling in. Unemployment in the 17 nations using the common currency hit the record level in August, and numbers for June and July were revised up to the same level on Monday. Experts say that insufficient growth and the continuing debt crisis have created a situation where unemployment is now even spreading to countries like Germany that had once been thought protected. While unemployment in Germany stayed level at 5.5 percent, the rate of people out of work in Spain climbed to 25.1 percent, the highest of any euro-zone nation.

October 1, 2012 6:36 AM