Unemployment in Germany rises amid eurozone economic crisis

Aug 01, 2012 12:00 AM

New data show that the number of unemployed people in Germany rose in July as the EU block’s economic powerhouse begins to feel the real sting of the eurozone prolonged economic stagnancy.
According to the official figures released by Germany's Federal Labour Agency, the unemployment rate in the Europe’s biggest economy jumped to 6.8 % 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 mm.

Frank-Juergen Weise, the head of the labour agency said the seasonal factors are the main reason behind the spike but added that there are “indications of a weaker development” on the labour market.
The recent development comes while on the same day the EU's statistics office, Eurostat announced that 17.801 mm 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 %, the highest since the data series started in 1995.

Also 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 %, 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.

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