Eurozone unemployment rate hits a new high

The eurozone’s unemployment rate hit a new record high in October, while consumer price rises slowed sharply.

The jobless rate in the recessionary euro area rose to 11.7%. Inflation fell from 2.5% to 2.2% in November.

The data came as European Central Bank president Mario Draghi warned the euro would not emerge from its crisis until the second half of next year.

Government spending cuts would continue to hurt growth in the short-term, Mr Draghi said.