Eurozone unemployment still flat despite end to recession

 
City A.M. Reporter
EURO

EUROZONE’S unemployment rate held at 12 per cent in August, with little change from the previous month revealed in figures yesterday.

The currency union’s high unemployment levels are yet to decline, despite the end of an 18-month recession in the second quarter of this year.

There are currently 19.178m people out of work and looking in the euro area. The highest rates in August were found in Greece and Spain, with 27.9 and 26.2 per cent unemployment respectively. Austria and Germany have the lowest rates, at only 4.9 and 5.2 per cent.

Timo Del Carpio, European economist at RBC Capital Markets said: “In our view, the still-fractured labour market in the euro area remains a source of concern.”