|October 31, 2013
The number of unemployed in the 17-nation eurozone reached a record high in September as the bloc's nascent recovery failed to generate jobs, official data showed Thursday.
The ranks of the jobless swelled by 60,000 to a record 19.45 million, according to Eurostat, the European Union's statistics agency. Though the unemployment rate remained steady at 12.2 percent, the previous month was revised up from 12 percent.
"The latest figures put a dent in hopes that the labor market may have reached a turning point," said analyst Ben May of Capital Economics.
A sharp and unexpected drop in inflation also cast doubts over the recovery of the eurozone, which just emerged from recession, and put pressure on the European Central Bank to act. The euro dropped sharply, from above $1.3700 before the news to about $1.3615 in afternoon trading.