Thursday, 1 November 2012

Eurozone unemployment hits record high

There were mixed data out of Europe on Wednesday.

In the euro area, the unemployment rate rose to a record 11.6 percent in September from 11.5 percent in August. Another report showed inflation in the region cooled to 2.5 percent in October from 2.6 percent in September.

German retail sales rose 1.5 percent in September, the second consecutive monthly increase, but French consumer spending edged up just 0.1 percent in September.

Beyond the euro area, consumer confidence in the UK fell in October, GfK's index falling to -30, the lowest since April, from -28 in September.

Data out from the US on Wednesday did not show their usual buoyancy. The Institute for Supply Management-Chicago's business barometer rose to 49.9 in October from 49.7 in September but remained below the 50 mark. The index for new orders did rise though to 50.6 from 47.4.

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