Unemployment rises to 11 percent

5th February 2004, Comments 0 comments

5 February 2004, NUREMBERG - Unemployment in Germany rose to 11.0 percent in January, according to preliminary official figures released Thursday. The jobless toll increased by 280,000 to a total 4.597 million people without work, the figures showed. This is an increase of 0.6 percent over December but is down by 26,000 from the same month a year ago. Interim Federal Agency for Labour head Frank-Juergen Weise attributed the increase to seasonal factors exacerbated by bad weather. Under a new statistical me

5 February 2004

NUREMBERG - Unemployment in Germany rose to 11.0 percent in January, according to preliminary official figures released Thursday.

The jobless toll increased by 280,000 to a total 4.597 million people without work, the figures showed. This is an increase of 0.6 percent over December but is down by 26,000 from the same month a year ago.

Interim Federal Agency for Labour head Frank-Juergen Weise attributed the increase to seasonal factors exacerbated by bad weather.

Under a new statistical method which counts people in job retraining programmes as being employed, the seasonally adjusted jobless rate sank by 81,000 to 4.26 million.

But under the method used until last December - in which those in job retraining were deemed unemployed - the seasonally adjusted rate would be up by 28,000 - the first such increase since last May.

This will raise fresh doubts over the outlook for recovery of Europe's biggest economy and comes as the surging value of the euro has unsettled business leaders.

A further worry in Germany is the failure of domestic demand to perk up.

German GDP contracted by 0.1 percent last year. The government predicts the economy will expand by between 1.5 and 2 percent in 2004.

 

DPA
Subject: German news

 

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