Eurozone unemployment hits record high, while Mario Monti sees 'light at the end of tunnel'

Unemployment across the recession-hit eurozone hit 11.2pc in June. 

EU data agency Eurostat said the seasonally-adjusted rate was the same as an upwardly-revised May toll but noted another 123,000 people lost their jobs going into the European summer, bringing the total to nearly 18m, more than 2m up on a year earlier.

Marking a 14th successive monthly rise, analysts noted a cumulative rise of 2.248m people since that series began in April last year, with London-based Howard Archer of IHS Global Insight warning that the unemployment rate "now looks odds-on" to cross 11.5pc by the end of the year, with "a very real danger" of reaching 12pc next year.

In Germany, the Federal Labour Agency said raw or unadjusted unemployment also rose sharply in July, with the total number of people out of work up by 66,800 on June at 2.88m.

READ MORE:  http://www.telegraph.co.uk/finance/financialcrisis/9440579/Eurozone-unemployment-hits-record-high-while-Mario-Monti-sees-light-at-the-end-of-tunnel.html