The eurozone’s seasonally-adjusted unemployment rate rose to 11.8% in November, figures published by Eurostat, the European Union’s statistical office, revealed.
This is up from the 11.7% recorded in the previous month and a marked rise from the 10.6% seen one year earlier.
Spain’s unemployment rate has reached 26.6%, making it the highest in the region, while Greece’s stood at 26% in September, the last month figures are available for.
Eurostat also said the volume of retail trade in the eurozone rose by just 0.1% in November, leaving the currency bloc’s retail sales index down 2.6% over the past 12 months.
Some good news came from the group’s Economic Sentiment Indicator (ESI) for the eurozone, which grew by 1.3 points in December taking it to 87 points. This is the second month running the indicator has gained.
However, Capital Economics chief European economist Jonathan Loynes said there are still reasons to be cautious despite the rise in the ESI.
The indicator’s current level, he noted, is consistent with an annual economic contraction of about 2% – which is worse than consensus forecasts.
“This morning’s batch of eurozone data presents a fairly downbeat picture of activity and sentiment in the region towards the end of last year,” Loynes commented.
“Overall, another reminder that, while the lull in the debt crisis has continued, the eurozone’s economic outlook remains very weak.”
