Unemployment Rate in Eurozone Hits Record 11.6%

The workforce in the 17-country region that uses the euro as its currency shrank by 146,000 jobs in September, bringing the ranks of unemployed workers in the region to an all-time high of 18.5 million people, according to Eurostat.

The European Union's statistics agency says the result was an increase in the eurozone's jobless rate to 11.6% also a new record from 11.5% in August and 10.3% in September 2011.

Spain had the region's highest jobless rate in September: 25.8%. The rate was 10.8% in both Italy and France and 5.4% in Germany.

Across the 27-nation EU, 169,000 jobs were lost in September, thus expanding the number of unemployed there to 25.8 million people. The region's jobless rate was unchanged month over month at 10.6%.

The large number of people out of work is curbing consumer spending economists note. The impact has been disastrous for makers of big-ticket items such as cars both those in in the region and others abroad that count on exports to Europe.