Unemployment in the eurozone hit a fresh high of 18.2 million in August, the EU statistics agency has said.The number out of work rose by 34,000, but after the July data was revised up, it meant the unemployment rate remained stable at a record high of 11.4%.The highest unemployment rate was recorded in Spain, where 25.1% of the workforce is out of a job, and the lowest of 4.5% was recorded in Austria.The unemployment rate in Germany was 5.5%, Eurostat said.Youth unemployment remains a particular concern, with the rate among under-25s hitting 22.8% across the eurozone, and 52.9% in Spain. In Greece, the most recent figures recorded in June also show that more than 50% of the young workforce has no job.These two countries have by far the highest unemployment rate in the eurozone, as both governments look to cut spending and raise taxes to try and cut high debt levels.These actions, which are needed in Greece to meet the terms of two huge bailouts and in Spain to restore confidence among international investors in Madrid’s ability to repay its debts, have exacerbated the unemployment problem.The eurozone as a whole is also struggling to generate the economic growth needed to stimulate employment. Its economy shrank by 0.2% between April and June, with Italy and Spain stuck in recession and France registering no growth for the past three quarters.
