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Thursday, February 26, 2009 

The engine of the European economy is breaking down

Unemployment in Germany rose for the fourth consecutive month. Only in February more than 40 thousand people were without work, bringing, thus, to 3.31 million the number of unemployed in the country. The fall in exports and the severe recession that is reaching the country has led companies across the country to cut another 40 thousand jobs just in February. The unemployment rate reached 7.9%, according to data from the German Labour Agency.

Germany is experiencing a serious economic crisis. The International Monetary Fund estimates that the economy will contract 2.5% in 2009 and that unemployment will continue to increase. Some companies in the country are reducing working hours, before cutting the jobs after the government announced that it would cover the costs of social security for companies that put workers in part-time. The percentage of German companies that reduce jobs increased from 18% in October, to 30% in January, according to a study by the chamber of commerce and industry DIHK. Europe is definitely in state of alert. The engine of the European economy is breaking down.


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