Eurozone unemployment has surged to a record, highlighting the region’s weakening economy in the face of fiscal austerity measures and its increasing divergence from the US.
Joblessness across the 17-country region hit 10.9 per cent of the workforce in March, the highest since the euro was launched in 1999, with much of the rise focused on crisis-hit southern Europe, particularly Spain, and among the young.
The steep upward path contrasts with steady falls in the US, where the comparable unemployment rate was 8.2 per cent in March and on a downward trend. Data from ADP, the US payroll processor, indicated the US private sector added 119,000 jobs in April, fewer than expected, ahead of tomorrow’s non-farm payrolls report.
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