Unemployment in Germany rises amid eurozone economic crisis

A man passes by a local labor agency in Stralsund, northern Germany, on November 29, 2011.

New data show that the number of unemployed people in Germany rose in July as the EU bloc’s economic powerhouse begins to feel the real sting of the eurozone prolonged economic stagnancy. 

(PressTV) According to the official figures released by Germany’s Federal Labor Agency on Tuesday, the unemployment rate in the Europe’s biggest economy jumped to 6.8 percent in July from 6.6 in June. Furthermore, the number of people out of work increased by 67,000 in comparison with the previous month at 2.876 million.

Frank-Juergen Weise, the head of the labor agency said the seasonal factors are the main reason behind the spike but added that there are “indications of a weaker development” on the labor market.

The recent development comes while on the same day the EU’s statistics office, Eurostat announced that 17.801 million people were out of work in the eurozone in June.

The unemployment rate in the economy of the 17 nations using the euro on a seasonally-adjusted basis in June was held at a record 11.2 percent, the highest since the data series started in 1995.

Also on Tuesday Italy, as one of the eurozone’s biggest economies, noted that it has seen an unemployment rise in June to a new record high of 10.8 percent, the highest in almost 13 years.

Europe plunged into financial crisis in early 2008. Insolvency now threatens heavily debt-ridden countries such as Greece, Portugal, Italy, Ireland and Spain.

The worsening debt crisis has forced EU governments to adopt harsh austerity measures and tough economic reforms, which have triggered incidents of social unrest and massive protests in many European countries including Portugal, Spain, Greece and Italy.




Enter your email address to follow the Exalted Truth and receive notifications of new posts by email.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: