The unemployment rate in the euro area reached the highest on record as the festering debt crisis pushed the economy toward a recession, prompting companies to cut jobs. Unemployment in the economy of the 17 nations using the euro was 11.4 % in August, the same as in June and July after those months' figures were revised higher, the European Union's statistics office in Luxembourg said recently. That's the highest since the data series started in 1995 and in line with median of 30 economists' forecasts in a Bloomberg News survey Europe's firms are postponing investment decisions and hiring on the back of a looming recession, austerity measures across the region and slowing global growth.
展开▼
