EU Unemployment at Record High

The latest U.S. jobs report may be dismal, but it’s nothing compared to the slump overseas. Euro-zone unemployment hit a record high Friday as the deepening debt crisis prompts companies from Spain to Italy to cut staff, and budget cuts prevent businesses from hiring new workers. The EU’s statistics office Eurostat confirmed Friday that the jobless rate climbed to 11 percent in April and March—the highest since unemployment records began in 1995.