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Unemployment Rate hit Record High in Eurozone

As per the latest figures from Eurostat, in the Month of May 2013, the Unemployment rate rose up to 12.2pc in April 2013 from 12.1pc in March.

Jun 1, 2013 18:56 IST
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As per the latest figures from Eurostat, in the Month of May 2013, the Unemployment rate rose up to 12.2pc in April 2013 from 12.1pc in March.

It was estimated as per the statistics office that 19.4m people in the eurozone were unemployed in April 2013.

The highest increase in the Unemployment was registered in Greece, Cyprus, Spain and Portugal. The data showed that Italy's jobless rate reached a 36-year high in April of 11.9pc.

It is important here to note that almost two-thirds of youngsters are unemployed in Greece while more than half are jobless in Spain.

Also, as per the Separate data from Eurostat the inflation in the euro zone rose to 1.4 percent from 1.2 percent, which could propel the central bank to wait for clearer signs that there is no risk of higher prices.

The European Central Bank aspires for inflation of about 2 percent, and still has space for additional measures as without violating its mandate to maintain price stability.

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