Economists see jobless recovery in the Eurozone

30 economists surveyed by Bloomberg News have estimated that unemployment in the Eurozone stayed at a record high of 12.1 per cent in August.

Tomorrow the EU's office of statistics will publish the jobless numbers at 11am. Unemployment is predicted to reach 12.3 per cent in the last quarter of this year and may remain above 11 per cent well into 2015.

Prospects for Spain and Greece remain dire with unemployment forecast to remain above 25 per cent for 2014. Projections for Italy suggest that unemployment will stand at 12.5 per cent in 2014, data will be released at 10am tomorrow to show whether Italian joblessness is still near the high of 12.2 per cent reached in May.

Growth of 0.3 per cent of GDP in the euro area in the three months leading through June has failed to make a significant impact on the jobs market. The European Central Bank predicts that the Eurozone economy will contract by 0.4 per cent this year but will grow by one per cent in 2014. The bank is to keep interest rates at all time lows to ensure the recovery.