Unemployment in the eurozone hit a record high of 11.6% in Sep

Read More: http://stockmarketnewsworld.blogspot.com/2012/10/unemployment-in-eurozone-hit-record.html

The rate reported by EU statistics office Eurostat, was up from an upwardly-revised 11.5% in August.

In total 18.49 million people were out of work in the eurozone in September, up 146,000 on the previous month, the biggest increase in three months.

While the eurozone's unemployment rate has been rising steadily for the past year as the economy struggled with a financial crisis and government spending cuts, the United States has seen its equivalent rate fall to 7.8%. The latest US figures are due this Friday.

Most economists think unemployment will keep increasing over the coming months and that the deteriorating economic picture will soon spook investors again after a brief hiatus.Recession and unemployment make it more difficult for the eurozone to deal with its debt problem. Governments need to pay more benefits to the jobless and receive fewer tax revenues. That could push countries to take even more austerity measures, which in turn weighs on economic activity.

Read More: http://stockmarketnewsworld.blogspot.com/2012/10/unemployment-in-eurozone-hit-record.html