5 million Germans unemployed
Posted on February 2nd, 2005 by Brian Turner
In a move that is a psychological blow to the German economy, the country’s jobless figures rose above 5 million for the first time since 1930.
Although recent changes were made to how the figures were compiled, effectively adding an extra half a million to the total, it still represents an embarrassing unemployment total of 12.1%.
The figures add to Germany’s economic discomfort, with recession threats and unpopular social security and employment reforms. It is not at all unlikely that at further EC meetings, Germany might look to push for greater freedom from the ECB so long as it keeps inflation under control.
Discussion Area - Leave a Comment
You must be logged in to post a comment.