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Thursday 03rd of March 2011
March 1, 2011    

German unemployment falls further in February

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by Kay Murchie

Germany, which is Europe’s largest economy, saw a further fall in the number of people out of work in February to 3.07 million - the lowest since September 1992.

The Federal Labour Office said unemployment dropped by 52,000 in February, taking the unemployment rate to 7.3%, from January‘s 7.4%.

The country’s job market has performed much better than in many other countries and many believe it is the result of the “Kurzarbeit” scheme, introduced by the German Government, designed to prevent mass redundancies.

Last year, Germany’s unemployment rate plunged to 7.7% from 8.2% in 2009 as a result of the Government initiative.

The jobless rate is expected to fall to 7% this year.

“The labour market remains the show case of the German recovery,” according to ING senior economist Carsten Brzeski.

Meanwhile, Germany recently posted growth of 3.6% in 2010 – the strongest pace since reunification in 1990, according to the Federal Statistical Office.

Export demand helped to bring Germany out of recession in the second quarter of 2009 – much sooner than many of its counterparts throughout the world.

Following today’s data, the euro edged 0.19% higher to $1.3832, bringing the gain in the single currency to 3.3% already this year.

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Tags: , , , Federal Labour Office, , Government initiative, Kurzarbeit scheme,

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