Eurozone unemployment reaches decade high

Eurozone unemployment reached 9.5% in July, its highest rate in more than a decade.

Eurostat, the statistical office of the European Communities, estimates that the figure for the 16 eurozone countries equates to around 15.1m unemployed persons. Compared with June this represents an increase of 167,000, with the number of unemployed men and women rising by 3.26m since July 2008.

For the broader European Union members the rate of unemployment hit its highest point since May 2005, growing to 7% over the month. This represents an estimated increase of 5.11m unemployed persons over 12 months from July 2008.

The highest rate was seen in Spain which recorded the pace of unemployment reaching 18.5% over the month.

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