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There are huge disparities across the eurozone, however. The labor markets of those countries at the front line of the debt crisis, such as Greece and Spain, are suffering most due to their governments' stringent austerity measures and deep recessions. The highest unemployment rate across the eurozone was recorded in Spain, where 24.6 percent of people were out of work in May. Even more dramatically, 52.1 percent of the country's youth were unemployed. Other countries in the eurozone, particularly those in the north, are faring better. Germany's unemployment rate stood at only 5.6 percent. However, a raft of economic indicators in recent weeks have shown that Europe's biggest economy is not immune to the problems in the rest of the region. Germany's exports to other countries in the eurozone are under pressure and business confidence is waning. Across the wider 27-country European Union, which includes non-euro countries such as Britain and Poland, unemployment edged up to 10.3 percent in May from 10.2 percent the month before.
[Associated Press; By PAN PYLAS]
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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