The European Union reaches record high unemployment rates

As of November 26 million people in the European Union are unemployed, with nearly a full percentage increase from last year of the continent’s jobless rate at 10.7 percent.

With an 11.8 per cent jobless rate among the 17 countries that use the euro, and 18.8 million people, these are the highest figures the European statistic agency, Eurostat has seen since 1999 when the single currency was founded.

As unemployment continues to be a huge concern in certain parts of Europe, governments are panicking. They will now need to slash services, which is likely to cause a further isolate of jobless people. Currently, these governments must ensure employed, tax-paying citizens are willing to follow the tough austerity measures.

Greece has shown the largest drop in the jobless rate, increasing by 7 per cent, leaving the nation with a 26 percent unemployment rate.

Spain has the highest unemployment rate, with 26.6 percent of the population remaining jobless. This is a 3.6 per cent increase from last year.

Countries such as Britain and France are being leaned on to increase the continents fortune as they posses some of the lowest job rates of 7.8 and 10.5 per cent.