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Germany unemployment edges up to 2.5 year high

Germany unemployment edges up to 2.5 year high
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Germany’s unemployment rate climbed in November for the fourth consecutive month, hitting its highest level since April 2011.

Data from Germany’s Federal Labour Agency showed that, on a seasonally adjusted basis, 10,000 more people were out of work in November than in October.

Federal Labour Agency Chairman Frank J. Way said that the key reason for the increase was that “fewer people have been taking part in training, particularly those depending on social security.”

Way added that the minimum wage of 8 euros 50 per hour – set to be introduced by Germany’s new coalition government – could exacerbate the trend.

“Clearly, there’s a risk that people at a lower level of professional training, and professional experience – will have difficulties earning 8.50 euros,” Way explained.

Germany – the eurozone’s largest economy – still has one of the lowest joblessness rates in the EU, at 6.9 percent. Peers, such as Spain and Greece, are facing crises in which one in four people are out of work.

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