Eurozone unemployment rises to record high 11.1%

@CNNMoney July 2, 2012: 8:21 AM ET
The eurozone's unemployment rate rose to 11.1% in June.

The eurozone's unemployment rate rose to 11.1% in June.

NEW YORK (CNNMoney) -- Reports on Europe's job market and manufacturing sector both show the region's economic woes persist.

The unemployment rate in the eurozone's 17 nations rose to a record 11.1% in May, the highest level since the euro launched as a common currency in 1999.

In the broader 27 nations that make up the European Union, the unemployment rate remained at 10.3% -- the same as in May, the statistical office of the European Union, Eurostat, said Monday.

Roughly 25 million people were unemployed in the EU in May. Spain alone is home to more than a fifth, or about 5.7 million of those unemployed workers.

Spain's unemployment rate is 24.6%. the highest in the region.

Separate data also released Monday show eurozone factories continue to sputter.

Manufacturing activity has been contracting for 11 straight months in the region, according to Markit's Purchasing Managers' Index. At 45.4 in the second quarter, the PMI was at its lowest reading since 2009. Any reading below 50 signals contraction in the sector.

All nations except Ireland signaled job cuts at factories.

"Companies are clearly preparing for worse to come, cutting back on both staff numbers and stocks of raw materials at the fastest rates for two-and-a-half years," said Chris Williamson, Chief Economist at Markit.

The weak data are likely to be a top concern for the European Central Bank, which meets Thursday. The central bank held rates steady at its last meeting but is widely expected to cut them this week. To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.88%
15 yr fixed3.20%3.23%
5/1 ARM3.84%3.88%
30 yr refi3.82%3.93%
15 yr refi3.20%3.23%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Economic Calendar
Latest ReportNext Update
Home pricesAug 28
Consumer confidenceAug 28
GDPAug 29
Manufacturing (ISM)Sept 4
JobsSept 7
Inflation (CPI)Sept 14
Retail sales Sept 14
  • -->

    Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.