ECB: EU labor market in much worse shape than official data indicates

The number of jobless or those seeking longer working hours in the eurozone is much higher than official figures suggest, according to a study by the European Central Bank.

According to the ECB bulletin, the eurozone unemployment and underemployment stands between 15 and 18 percent, nearly twice the official figure of 9.5 percent.

"In France and Italy, broader measures of labor market slack have continued to increase throughout the recovery, while in Spain and the other euro area economies, they have recorded some recent declines, but remain well above pre-crisis estimates," the ECB bulletin article said.

"The level of the broader indicator of labor underutilization is still high, and this is likely to continue to contain wage dynamics," it added.

The official data says more than five million jobs has been created since the financial...