Eurozone Unemployment Up, Germany at Risk

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Europe's economic crisis may soon be getting worse, as a new report out Wednesday revealed record high unemployment numbers for the 17 countries that use the euro.

Now, there are concerns that Germany may fall into a recession.

Germany is the largest economy in Europe and the fourth-largest in the world. Other European countries are already in recession, including two of the largest nations: Spain and Britain.

"There may be a growing consensus on the need for growth in the eurozone but with unemployment rising and industry slumping, a prolonged recession looks much more likely," said Jonathan Loynes, chief European economist at Capital Economics.

As the European economy gets weaker, the need increases for more bailout loans to countries already in trouble like Portugal and Greece.

And since Europe and the United States are major trading partners, continued financial trouble could also affect the already fragile U.S. economy.

The United States and European Union account for nearly a third of all world trade.

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