Eurozone unemployment rate remains at 10% in August 2011

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Eurozone unemployment rate remains at 10% in August 2011
Seasonally adjusted unemployment rate in the 17-member Euro area stood at 10% in August 2011, unchanged from July 2011, as companies remain reluctant to hire new staff amid the region's deepening debt crises and financial market volatility, said a report released by Eurostat on Friday.

The jobless rate stood at 10.2 percent in August 2010 in the Eurozone. In the 27 -member European Union countries, the unemployment rate held at 9.5 percent in August 2011, unchanged from July 2011.

The number of unemployed fell by 38,000 in the Euro area in August 2011 from July 2011. The total number of unemployed stood at 15.739 million in the Eurozone in August 2011.

The number of unemployed fell by 300,000 and 2,15,000 in the European Union and the Eurozone , respectively in August 2011 , compared with the same month last year.

Among the member states, the lowest unemployment rate was recorded in Austria, where the jobless rate stood at 3.7 percent in August 2011. The unemployment rate in Spain stood at 21.2 percent in August 2011, the highest among member countries.

Unemployment rate in the debt ridden Greek economy rose to 16.7 percent in the April-June quarter of 2011 from 12.1 percent in the same quarter of last year, amid severe austerity measures and the sovereign debt crises.

High rate of unemployment is squeezing consumer spending in the member countries and derailing economic recovery even further.

Read more about: unemployment, economy
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