Hidden Nook

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Thursday, March 03, 2005

Germany not doing so well

[Media Source*]

(Hat Tip: KTOP)

The adjusted unemployment rate rose to 11.7%, a seven-year high, while the unadjusted jobless total jumped to 5.22 million from 5.04 million in January. The faltering economy, reductions in jobless benefits and tighter restrictions in eligibility for benefits that took effect in January contributed to a loss of support for Schroeder’s Social Democratic Party in an election in the state of Schleswig-Holstein last month.

With another 80,000 people expected to be jobless in Germany, Europes largest economy doesn't seem to be doing faring to well (especially when you compare that to the U.S. who added 225,000 workers in February).

But it gets worse. Germany's citizens are getting the "bad end" of the stick as the rise of unemployment is causing people to work longer and accept pay cuts. But Germany isn't alone in this "debacle." (Bloomberg)
The French jobless rate rose to a five-year high of 10 percent in January, measured by International Labor Organization standards.

The comparable German rate rose to 9.3 percent in January from 9.2 percent in December, the Federal Statistics Office said today. France and Germany, which account for half the $10 trillion euro region economy, have the highest jobless rates among the Group of Seven industrialized nations.

My guess is that most of this is due to the "socialization of Europe." In the words of KTOP, "Until Germany (and Europe as a whole) can address the structural issues that keep them locked in the doldrums...then we will continue to see European economies slide." Selah!

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By Darnell Clayton • 2:54 PM • Email Post • •


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