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Euro-Region Unemployment Rate Rises to Record 11.4%

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The unemployment rate in the euro area reached the highest on record as the festering debt crisis pushed the economy toward a recession, prompting companies to cut jobs. Europe's firms are postponing investment decisions and hiring on the back of a looming recession, austerity measures across the region and slowing global growth. The subdued economic outlook has prompted French and German companies including Deutsche Bank AG, PSA Peugeot Citroen and Air France- KLM Group to cut thousands from their payrolls.

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