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Thursday March 31, 10:41
German jobless rate hits record highs
(by Olivia Cohen)
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Jobless rate for Germany climbed to the post-war record highs of 12% raising threats for economic growth of the euro-zone countries.
In February the seasonally adjusted unemployment rate in Germany amounted to 11.7%, in March it climbed to the record of 12%. This caused the European Central Bank to cut in 2005 economic growth forecasts this month.
Germany, the biggest economy in the 12 nations sharing euro, now faces lower consumer spending rate with the labor markets that prevent consumers from spending. ``Overall, it’s quite difficult. Most business behavior across the euro region is `wait and see,’’’ said Laurence Boone, an economist at Barclays Capital.
The unemployment rate for France is just following the German one. In February, it was at 10.1%, according to a report.
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