Euro zone jobless rate stays stable

The euro zone's jobless rate held stable at 8.3 per cent for the fourth month running in September, the European Union statistics office said.

Luxembourg reported the lowest unemployment rate, at 2.5 per cent, while Spain posted the highest, at 11.2 per cent.

Eurostat estimated that 11.5 million people were unemployed in the 12-member euro zone in September.

Unemployment in the euro zone was markedly higher than in the United States and Japan, where it stood at 5.6 per cent and 5.4 per cent respectively in September, Eurostat said.

Economic sluggishness has got firms slashing jobs in a bid to cut costs, analysts said.

Households in the euro zone are becoming increasingly worried about job security, according to surveys, even though the job cuts have yet to show up in official data. - (Reuters)