Eurozone unemployment hits a record high of 11.8% in November

Unemployment in eurozone soared to a new record high of 11.8 per cent in November, up from the October rate of 11.7 per cent, European Union's (EU's) statistical agency Eurostat reported yesterday.

Several eurozone nations have resorted to strong austerity measures including tax increases and spending cuts to tide over the debt crisis, which have resulted in reduced demand for labour force.

About 18.8 million people are jobless in the euro area in November which is 113,000 more than in October.

The jobless rate a year ago was 10.6 per cent and the number of unemployed rose by over 2 million compared to November 2011.

Among the member states, the highest unemployment rate was recorded in Spain, the struggling eurozone nation with 26.6 per cent followed by twice-bailed out Greece with 26 per cent.

On the contrary, Austria, Luxembourg, Germany registered the lowest jobless rates of 4.5 per cent, 5.1 per cent and 5.4 per cent respectively in November.