urope's unemployment rate hit a new high of 11.7 percent in October, and inflation dipped sharply from 2.5 percent to 2.2 percent, signaling that the pain from the currency bloc's recession is deepening. European Central Bank President Mario Draghi said on Friday that austerity measures to reduce deficits are hurting the eurozone economy in the short-term, but that the region would begin to recover in the second half of 2013. The recovery is not far off, he said, but "we have not yet emerged from the crisis."
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