The euro zone has faced a fiscal and borrowing crisis since long, as per a report revealed recently, and further large cuts in jobs noted in September have strengthened the problem and have widen already going concerns.
Some 18.49 million people were out of work the last month, which was an addition to the 146,000 more people, who had lost their jobs earlier. The European Union's official statistics agency dubbed Eurostat has informed the same on Wednesday.
As per the report, the cuts are being made by the government in order to control their debts. But the same has been leading to huge damages in the economy. Economists had however expected the unemployment rate to be at 11.5%, which was seen in August.
Across the whole euro zone, 23.3% unemployment rate has been noted amid the youth only. And most of the jobless rates have been reported by the southern countries, including Greece and Spain, which have recorded a quarter of people eligible to work as unemployed. The hike in joblessness shows a significant decline in economic activity as well.
In addition, the report has discovered that preliminary annual inflation reading by Eurostat for the euro zone has turned to 2.5% from 2.6% in August.
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