Eurozone unemployment rate hits a high in October

The eurozone unemployment rate has hit a new record this October, while consumer price rises slowed.

The jobless rate in the recessionary euro area rose to 11.7 per cent, while inflation fell from 2.5 per cent to 2.2 per cent in November.

According to Reuters, The European Central Bank President Mario Draghi warned the euro would not emerge from its crisis until the second half of next year and government spending cuts would continue to hurt growth in the short-term.

Draghi told Europe 1 radio that budgetary consolidation in the euro zone would entail a short-term economic impact but the currency bloc was on track for a recovery in the second half of 2013,

He said: “We have not yet emerged from the crisis,” Draghi told Europe 1 radio. “The recovery for most of the euro zone will certainly begin in the second half of 2013.”