Eurozone unemployment at record high 11.4% in August

Eurozone's unemployment rate hit a record high of 11.4 per cent in August, same as for July, as fears of a continuing recession is mounting on the debt-struck nations of the region.

According to Eurostat, the statistical office of the European Union (EU), 18.2 million people of the 17-nation eurozone were unemployed in August, the highest since records began in 1995, and 34,000 more than in July. Compared with August 2011, the unemployment rose by 2.1 million in the euro area.

For the wider EU27 group, the unemployment level was slightly lower at 10.5 per cent in August maintaining the same level as of July. About 25.5 million people were jobless, up by 49,000 compared with the previous month and 2.2 million compared with the previous year.

A year ago, the unemployment level in the eurozone was 10.2 per cent and in the EU27 9.7 per cent.

The highest jobless rate in the whole area was recorded by Spain, eurozone's next bailout candidate with a whopping 25.1 per cent, followed by already struggling Greece with 24.4 per cent and Portugal with 15.9 per cent.

Among the eurozone member states, the lowest unemployment rates were recorded in Austria with 4.5 per cent, Luxembourg with 5.2 per cent, the Netherlands with 5.3 per cent and Germany 5.5 per cent.