Euro zone unemployment remains near record high of 12%

Latest Eurostat figures indicate some 19 million people are out of work across the euro area

People wait in line in front of a government-run employment office in Madrid. Photograph: Andrea Comas/Reuters

People wait in line in front of a government-run employment office in Madrid. Photograph: Andrea Comas/Reuters

Fri, Jan 31, 2014, 10:39

The unemployment rate in the euro zone remained near a record high of 12 per cent for a third month running in January.

The latest Eurostat data show some 19 million people are out of work across the euro area.

The worryingly high rate of unemployment reflects the uneven pace of recovery across the single currency bloc as Europeans remains cautious and thrifty, proving only a limited boost to economic growth.

It is widely expected to ease but only modestly in the coming quarters.