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German unemployment hits 5m (12.1%)
Germany's unemployment figure rose above the psychologically important level of five million last month. On Wednesday, the German Federal Labour Agency said the jobless total reached 5.037 million in January, which takes the jobless rate to 12.1%. Unemployment has not been this high in Germany since the 1930s. Changes to the way the statistics are compiled, partly explain the jump of 572,900 in the numbers. But the figures were embarassing for the government. "With the figures apparently the worst we've seen in the post-war period, these numbers are very charged politically," said Christian Jasperneite, an economist with MM Warburg. "They could well put an end to the recent renaissance we've seen by the SPD (the ruling Social Democrats) in the polls, and with state elections due in Schleswig-Holstein and North Rhine-Westphalia, they may have an adverse effect on the government's chances there," he added.The European Economic Way continues in its losing War With Reality. Posted by: Bulldog 2005-02-02 |
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