Unemployment in Europe hit another record

Europe’s economic gloom deepened Wednesday on the back of news that unemployment in the 17-nation Eurozone hit another record high in September as the region’s debt crisis continued to sap the confidence of business owners, investors and consumers alike, the Los Angeles Times reports.

About 18.5 million people were out of work in the Eurozone in September, adding up to a jobless rate of 11.6%. That figure exceeds August’s record of 11.5% and follows the worrisome trend of the past half-year, during which unemployment has either remained static or worsened with each successive month.

According to Eurostat, there were 2.2 million more people out of work in September than a year ago in the 17 nations that share the euro currency. Since then, a number of those economies have tumbled back into recession, government debt ratios have risen, commercial lending has dwindled and investors have taken flight.