Unemployment in the Eurozone hit a new record high in January as the region struggles to exit the recession, while in the larger European Union (EU) the UK is among the countries whose jobless rate registered the largest decrease year-on-year.

According to data released this morning, the euro area seasonally-adjusted unemployment rate rose to 11.9% from the prior reading of 11.8%.

As well, the December data was revised upwards from the original reading of 11.7%. Consensus had expected an increase to 11.8% in January.

In the 27 member EU, the jobless rate rose to 10.8% from 10.7% in December.

In both regions unemployment has risen markedly since January 2012 when it stood at 10.8% and 10.1%, respectively.

Among the Member States the lowest unemployment rates were recorded in Austria (4.9%), Germany and Luxembourg (both 5.3%) and the Netherlands (6.0%), and the highest in Greece (27.0% in November 2012), Spain (26.2%) and Portugal (17.6%).

Compared with a year ago, the unemployment rate increased in nineteen Member States, fell in seven and remained stable in Denmark. The largest decreases were observed in Estonia (11.1% to 9.9% between December 2011 and December 2012), Latvia (15.5% to 14.4% between the fourth quarters of 2011 and 2012), Romania (7.4% to 6.6%) and the UK (8.3% to 7.7% between November 2011 and November 2012). The highest increases were seen in Greece (20.8% to 27.0% between November 2011 and November 2012), Cyprus (9.9% to 14.7%), Portugal (14.7% to 17.6%) and Spain (23.6% to 26.2%).

Between January 2012 and January 2013, the unemployment rate for males increased from 10.6% to 11.8% in the euro area and from 10.0% to 10.8% in the EU27. The female unemployment rate rose from 11.0% to 12.1% in the euro area and from 10.2% to 10.9% in the EU27.

JM

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