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November 30, 2010    

Euro zone unemployment rate at 12-year high

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by Kay Murchie

The European Union’s statistics agency has announced the unemployment rate in the 16-member euro zone hit 10.1% in October - the highest since July 1998.

This time last year, the rate stood at 9.9%.

According to Eurostat, 15.95 million people were unemployed in the euro zone during the month, with the figure rising by 80,000.

Spain continues to have one of the highest unemployment rates within the 16-bloc nation at 20.7%, while the lowest was recorded in the Netherlands at 4.4%.

Figures today revealed Germany’s rate remains at 7% but the number of unemployed people within the euro zone’s largest economy remains below the crucial 3 million mark.

Meanwhile, in the 27-nation European Union, the unemployment rate stands at 9.6% with a total of 23.15 million people unemployed.

Finally, separate figures today revealed that inflation in the euro zone remained unchanged at 1.9% in November - close to the central bank’s target.

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