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Eurozone unemployment rate hits record 12.1 percent in March

 
 
 
 
 
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Eurozone unemployment rate hits a record 12.1 percent in March 2013.

The Eurostat data agency says eurozone unemployment rate has hit a record-high 12.1 percent in March, up by 62,000 from the previous month.

According to the data, some 19.2 million people in the eurozone are receiving government financial assistance.

As the jobless rate in the 17-nation eurozone climbed for the 23rd consecutive month, 62,000 people lost their jobs in March.

Youth unemployment also stood at 24 percent during the same month.

In January, the Eurostat agency said the jobless rate in the eurozone had reached 11.9 percent.

The jobless rate in the 27-member European Union also rose to 10.8 percent in January, from 10.7 percent in December 2012, with 26.2 million people unemployed.

Europe plunged into financial crisis in early 2008. Insolvency now threatens heavily debt-ridden countries such as Greece, Portugal, Italy, Ireland and Spain.

The worsening debt crisis has forced the European Union states to adopt harsh austerity measures and tough economic reforms, which have triggered massive demonstrations in many European countries.

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