GERMANY: Unemployment rate in Germany hit records in seventeen months, reaching 7.2 percent in December 2010, Labor Office has said.
The number of jobless people has reached over three million. The unadjusted jobless rate nudged up from 7 percent in November to 7.2 percent in December.
The new figure was because of bad weather and a few construction and transport companies have been closed amid the coldest winter in 40 years.
However, economists remained upbeat about the outlook for unemployment in Europe’s largest economy.
“The economic dynamic remains intact,” said Eckart Tuchfeld, economist with the German Commerz Bank.
“Unemployment should return to trend in the months ahead and continue falling.”
Moreover, economists expect the solid state of the jobs market to help encourage consumer spending after a long period of stagnation.
The European Commission believes that the German economy grew by 3.7 percent last year after it rebounded from its deepest recession in about six decades.
However, growth is projected to ease to 2.5 percent in the coming 12 months.
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