Euro Zone Debt Crisis Leaves Millions in Germany Unemployed

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Euro Zone Debt Crisis Leaves Millions in Germany Unemployed

Germany falling a victim into the hands of euro zone crisis has left several in the country without a job for seventh month in a series.

Economists believe the situations to change for the Europe's biggest economy, but that won't be possible before the next year as growth will perk up only by then.

Figures revealed for the month of October suggest that nearly 2.937 million Germans are unemployed, which has risen from the last month's figure by a significant margin of 20,000.

However, data published by Labour Office on Tuesday highlighted that the rate of unemployment is stable at 6.9%, which is similar to the figure amended in the month of September.

Germany is still in a better position, in comparison to other members of the euro area, including Spain, where one in two young adults is jobless.

Frank-Juergen Weise, head of the Labour Office, said, "The weaker economic situation is having a noticeable impact on the (German) labor market. However, the jobs market overall is proving robust and is in good shape".

Major reasons enlisted include an overall slowdown and financial problems faced by euro-zone, which has left it facing debt since the past three years. This in turn is causing problems and restricting the companies to invest.

 


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