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Germany leads rest of Europe in employment stats

October 2013, 10
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A new report has revealed that whilst the rest of Europe is currently stuck in a rut when it comes to employment, Germany is having no such problems.
Shrugging off the effects of the economic downturn, according to Eurostat, Germany has far less unemployed adults now than what it did at the height of the boom.

Declining unemployment bucks trend

The statistical agency for the European Union, Eurostat released the latest figures which show that Germany is currently operating on a completely different wave length to the rest of Europe.
Adults are defined as individuals aged 25+ as per Eurostat, and in August there were just 1.9 million adults in Germany who were unemployed. This means aged 25 years or over and actively seeking employment. This figure is the lowest seen in Germany since the two halves were united back in 1991.
In direct contrast, the rest of Europe is still struggling to get back on its feet. Current unemployment stands at 13.9 million, the largest number of jobless adults in the Eurozone since the creation of the single currency back in 1999.

Migrate to Germany

Germany is one of the major economic powerhouses in the world

Setting aside the Euro, all countries within Europe are worse off now than when the latest recession hit....with the exception of Germany. Since the US went into recession in 2007 and triggered a chain of events which led to the near collapse of the British banking industry, Germany has gone from strength to strength.
Only a handful of countries have unemployment which is less than a third higher than where it stood in 2007; Hungary, Romania, Malta, Finland, Belgium and Austria. In direct contrast, Germany's unemployment is around a third lower than where it stood when the credit crunch hit.

Signs of slow recovery in parts

Although the majority of Europe does not have the improvement seen by Germany, it's difficult to not spot some signs of recovery.
Young workers in particular are faring much better than before, and an increasing number of these are managing to obtain and keep a job. The latest GDP figures for the second quarter of the year also point to a small increase in the Eurozone economy, a rise of 0.5 per cent (excluding Germany).
This initial indication of a turnaround has delivered a real shot of confidence to the market as it is the first time GDP has grown in more than two years.
But whilst younger workers seem to be able to secure a job more easily now, it seems that the older generation are still struggling to get back into work. The number of under 25 year olds who are still jobless has started to reduce but for older workers, the outlook appears bleak and numbers are continuing to rise.

Germany is handling employment well

Germany is handling employment well 

Germany is continuing to prosper and some have questioned how the country has remained oblivious to the economic landscape around it. Tactics such as encouraging a greater number of employers to regularly cut hours rather than make redundancies has been singled out as one technique which helped to protect a greater number of jobs. Their exports have also been boosted by the persistently low exchange rate to the euro which makes the German – and European market – particularly profitable to trade from.
Britain has fared better than much of Europe but cannot compete with Germany. Seemingly hitting its unemployment peak in 2011, Britain's joblessness is steadily reducing albeit at a much slower rather than their cousins in Germany.
The instigator of the global woes, the US, has gone past its peak – hitting the highest levels of unemployment in 2009 – but despite this, its unemployment levels remains 57% above where it stood in 2007.

 

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