German unemployment climbs amid eurozone economic crisis

Jun 29, 2012 12:00 AM

Recent official figures have revealed that the number of unemployed people in Germany jumped by 7,000 in June, giving an unemployed rate of 6.8 % of the workforce.
The German Labour Office said that the number of people out of work in Europe’s largest economy increased by a seasonally-adjusted 7,000 to 2.882 mm in June from 2.875 mm in May.

The recent figures showed the third consecutive monthly increase in Germany. The jobless rate in the country now stands at 6.8 %.
Frank-Juergen Weise, the head of the German Employment Agency, considered the latest figures as a sign of a slowing job market in the European state, saying, "The German labour market in June is showing signs of weaker development."

Carsten Brzeski, an economist at ING Group in Brussels, also said, “Signs are increasing that the resilience of the German labour market is slowly cracking up.”
“This might not be a cause for concern for the German economy, yet, but definitely for the rest of the eurozone,” he added.

Rising unemployment in Germany signals that even Europe’s biggest economy is not immune to the economic crisis in the eurozone and cannot be depended on to prop up growth.
Meanwhile, earlier, the Council of Europe voiced serious concerns over the rising rate of unemployment across the continent, saying that the number of jobless youth in Europe has reached an alarming level.

The official figures show that unemployment rate for young people in the European countries, has risen from nearly 14.7 % in 2008 to nearly 22.4 % in 2012.
Several European countries have been struggling with financial woes since the eurozone’s economic crisis began roughly five years ago.

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