Eurozone unemployment hits record 18.2 million

Unemployment across the 17 countries that use the euro remained at its record high rate of 11.4 percent in August, official data showed Monday, renewing concerns that efforts to slash debts have sacrificed jobs.

While European leaders have managed to calm financial markets in recent months with promises to cut spending and build a tighter union, they have been unable to solve the eurozone’s deep-rooted economic problems and the rising tide of joblessness.

In August, 34,000 more people lost their jobs in the eurozone, according to data released Monday by the European statistics agency, Eurostat. The unemployment rate -- the highest since the euro was created in 1999 -- is the same as July’s, which was revised up from 11.3 Monday.

Europe’s problems are dragging down the entire global economy. The region is the U.S.’s largest export customer and any fall-off in demand will hit American companies -- as well as President Barack Obama’s election prospects.

The 17-country eurozone is in danger of slipping into recession this year after its economic output dropped 0.2 percent in the second quarter. Six countries -- Greece, Spain, Italy, Cyprus, Malta and Portugal -- in the eurozone are already in recession.

- AP