Euro-Area Jobless Rate Hits Record

Eurozone unemployment at 11.2% in June; German joblessness climbs for fourth month in a row.

The jobless rate in the euro area reached the highest on record as the festering debt crisis and deepening economic slump prompted companies to cut jobs.

Unemployment in the economy of the 17 nations using the euro reached a revised 11.2 percent in May and held at that level in June, the European Union’s statistics office in Luxembourg said today. That’s the highest since the data series started in 1995. In Germany, unemployment climbed for a fourth straight month in July, a separate report showed.

Draghi’s Efforts

In Europe, Draghi is attempting to win Bundesbank President Jens Weidmann’s support for a multi-pronged approach to reduce bond yields in countries such as Spain and Italy, two central bank officials said. The proposal involves Europe’s rescue funds buying government bonds on the primary market, flanked by ECB purchases on the secondary market, they said.

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