European Unemployment Rises

European unemployment rose to the highest in a year as the deepening credit crisis slowed growth.

Unemployment in the euro region rose to 7.5 percent in August, the highest since April 2007, from a revised 7.4 percent in July.

The European Union statistics office, which published the unemployment report, also revised the jobless rate for May, June and July to 7.4 percent from 7.3 percent. The rate fell to 7.2 percent earlier this year, the lowest since the euro was introduced in 1999.

Unemployment in the euro area rose by 90,000 to 11.6 million in August, the statistics office said. It increased in France and Spain, and declined in Germany, Europe's largest economy. National data published yesterday showed the jobless total in Germany fell in September, keeping the rate at the lowest in 16 years.

European Unemployment Rises,
10/1/2008 5:47:23 AM