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Eurozone crisis pushes up German joblessness


Germany

Eurozone crisis pushes up German joblessness

Unemployment in German was up for the seventh month in a row in October.

Allowing for seasonal factors, 20,000 more people were without jobs than in September, double what economists had forecast.

The figure was also higher compared with October last year, the first time that has happened in over two and a half years.

The rise highlights the vulnerability of Europe’s biggest economy to the eurozone crisis, but analysts expect the trend to reverse as growth revives in the new year.

Joblessness does remain near its lowest level since German reunification more than two decades ago. Federal Labour Office data showed the unemployment rate steady at 6.9 percent, unchanged from a revised figure for September.

This stands in marked contrast to the chronic joblessness suffered by weaker members of the eurozone such as Spain, where one in every two young people is unemployed.

“The weaker economic situation is having a noticeable impact on the (German) labour market. However, the jobs market overall is proving robust and is in good shape,” said Frank-Juergen Weise, head of the Labour Office.

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