Eurozone unemployment reaches new high

Although overall eurozone unemployment went up only a tick in November (to 11.8 percent from 11.7 percent in October) it is a disturbing statistic, one that will have reverberations on both sides of the Atlantic as respective governments re-examine polices implemented during the height of the crisis; namely the use of austerity measures. In a frenzied effort to reduce sovereign debt, many governments instituted austerity measures that have stymied economic growth. The debate as to whether to stimulate the economy or pay-down debt will most likely rage again both in the eurozone and in the U.S. It should be noted that Ireland’s unemployment rate dropped.