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Unemployment in euro area climbs to record 11.8%

The euro-area jobless rate rose to a record in November as the fiscal crisis and tougher austerity measures deepened Europe’s economic troubles.

Published: Jan. 9, 2013 at 12:05 a.m. PST
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The euro-area jobless rate rose to a record in November as the fiscal crisis and tougher austerity measures deepened Europe’s economic troubles.

Unemployment in the 17-nation region rose to 11.8 percent from 11.7 percent in October, the European Union’s statistics office in Luxembourg said Tuesday. That’s the highest since the data series started in 1995 and in line with the median estimate of 27 economists in a Bloomberg News survey.

The data also showed that youth unemployment was at 24.4 percent, with Spain’s rate more than double that at 56.5 percent.

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