German unemployment increases
Unemployment in Germany of February went up 40K, bringing up the jobless rate to 7.9 percent from 7.8 percent. The rise in the jobless rate was in proportion to consensus. Labor Agency spokesman Hammersen explained this morning, that unemployment went up because of the situation of the economy and winter weather. Unemployment began to go up in December as the recession in export required forced companies to cut back production and firing of employees. The increase in jobless numbers are going to push up the government’s social security expenditure and additional weigh on already weak consumption figures.
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