Unemployment reaches record high in eurozone

Unemployment in the eurozone soared to its highest on record in January as an extra 185,000 in member states reported themselves out of work.

The seasonably adjusted unemployment rate for January hit 10.7%, according to the EU’s statistical office Eurostat, beating the previous record of 10.6% in December 2011.

An estimated 17m people are now thought to be unemployed in the euro area.

Spain continues to have the worst record of employment in Europe, where 23.3% of the population are out of work. (article continues below)

Greece was the second worst country with 19.9%, and a youth unemployment rate of almost 50%.

Youth unemployment in the eurozone as a whole increased by 141,000 to make up 21.6% of Europe’s under-25s.