More than 5.2 million Germans were out of work in February, new figures show.
The figure of 5.216 million people, or 12.6% of the working-age population, is the highest jobless rate in Europe's biggest economy since the 1930s.
The news comes as the head of Germany's panel of government economic advisers predicted growth would again stagnate.
Speaking on German TV, Bert Ruerup said the panel's earlier forecast of 1.4% was too optimistic and warned growth would be just 1% in 2005.
Germany's economy, Europe's biggest, shrank 0.2 percent in the fourth quarter from the third as companies bought less equipment, government spending fell and consumers held back on purchases.
At 49,609 euros ($65,739), German annual employment costs are the highest in Europe, according to Deloitte & Touche LLP. A French job costs 43,990 euros and a job in the U.K. costs 41,875 euros, the company said. Employment costs are at 6,490 euros in Slovakia, 7,211 euros in Poland and 7,423 euros in Estonia, the three cheapest countries for employers, Deloitte said.
Miele & Cie KG, a 105-year-old maker of washer-dryers and vacuum cleaners based in Guetersloh, said Feb. 18 it will cut 1,077 jobs, or almost 10 percent of its domestic workforce by Sept. 30, to reduce costs. Munich-based HVB last week said it will eliminate as many as 2,400 jobs, or 4 percent of its workforce.
Service companies are also firing German workers. Around 26,000 abattoir workers have lost their jobs in the past months as companies including Danish Crown AmbA commission companies that employ Poles, Czechs and Hungarians, the NGG labor union -- representing 236,000 workers in Germany's food, restaurant and hotel industries -- says on its website.
http://news.bbc.co.uk/2/hi/business/4307303.stm
The figure of 5.216 million people, or 12.6% of the working-age population, is the highest jobless rate in Europe's biggest economy since the 1930s.
The news comes as the head of Germany's panel of government economic advisers predicted growth would again stagnate.
Speaking on German TV, Bert Ruerup said the panel's earlier forecast of 1.4% was too optimistic and warned growth would be just 1% in 2005.
Germany's economy, Europe's biggest, shrank 0.2 percent in the fourth quarter from the third as companies bought less equipment, government spending fell and consumers held back on purchases.
At 49,609 euros ($65,739), German annual employment costs are the highest in Europe, according to Deloitte & Touche LLP. A French job costs 43,990 euros and a job in the U.K. costs 41,875 euros, the company said. Employment costs are at 6,490 euros in Slovakia, 7,211 euros in Poland and 7,423 euros in Estonia, the three cheapest countries for employers, Deloitte said.
Miele & Cie KG, a 105-year-old maker of washer-dryers and vacuum cleaners based in Guetersloh, said Feb. 18 it will cut 1,077 jobs, or almost 10 percent of its domestic workforce by Sept. 30, to reduce costs. Munich-based HVB last week said it will eliminate as many as 2,400 jobs, or 4 percent of its workforce.
Service companies are also firing German workers. Around 26,000 abattoir workers have lost their jobs in the past months as companies including Danish Crown AmbA commission companies that employ Poles, Czechs and Hungarians, the NGG labor union -- representing 236,000 workers in Germany's food, restaurant and hotel industries -- says on its website.
http://news.bbc.co.uk/2/hi/business/4307303.stm
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