Eurozone jobless hits record high

The euro fell against the majority of its 16 most-traded peers as a report showed unemployment in the eurozone climbed to a record in February, adding to concerns that the economy will struggle to emerge from recession.

The single currency declined against the dollar as a purchasing manager index (PMI) of manufacturing stayed below the level that shows contraction.

Unemployment in the eurozone rose to 12% and the January figure was revised up to the same level from 11.9% estimated earlier, the EU’s statistics office said. This is the highest since the data series started in 1995. A gauge of manufacturing in the region slid to 46.8 last month from 47.9 in February, Markit Economics said. A reading below 50 indicates contraction.