Eurozone unemployment tops 10 per cent

THE eurozone jobless rate has surged to a near 12-year high of 10.1 per cent in April.

There was a rising number of people without work in Spain, Portugal and Italy.

Analysts noted that this was the smallest monthly rise since last November.

Howard Archer of IHS Global Insight said: “We remain doubtful that the eurozone labour market is on the brink of turning around, although the situation is likely to vary between countries.”

Analysts expect it to peak at 11 per cent this year.
However, unemployment in Germany fell for the eleventh month running in May.

The jobless total declined by 45,000 month-on-month.

Labour reforms paid dividends and a weaker euro boosted exports – although analysts warned that the spreading debt crisis in the single currency zone could still take its toll.