German Unemployment Ticks Up
The German Federal Labor Agency announced an increase in unemployment, which is likely to put a strain on Angela Merkel's hold on the country and her efforts to use German money to help with bailouts of weaker nations. According to Dow Jones:
The number of German jobless claims increased for a sixth straight month in September, indicating that slowing growth in Europe's largest economy is taking a toll on the labor market.
The unemployment claims figure rose by 9,000 in September, although the jobless rate remained at 6.8%.
While this rate is among the lowest in the developed nations, Germans continue to worry that the economic collapse of the eurozone eventually will spread rapidly to their country, which relies heavily on exports to its neighbors. Add to that the sentiment that their tax dollars have gone, in part, and will go in the future to help countries that Germans think created their own problems and should solve them on their own.
Douglas A. McIntyre
Filed under: 24/7 Wall St. Wire, International Markets, Jobs
