Tuesday, January 3, 2012

Good News From Europe: Germany's Unemployment Drops to 6.8%

We start the year with some good news: Germany's unemployment dropped to 6.8% in December, an amazing figure given all the turmoil in Europe. In November, the figure had been 6.9%, as were the estimates for December.

The drop is unemployment was mainly caused by a drop in the number of people seeking jobs, dropping to 22K from the previous drop of 23K, beating estimates of 10K. The number of unemployed in Germany is now 2.976M, the lowest since 1991.

In the rest of Europe the news is not so good however. Car sales plunged 60% in December in Portugal, and almost 18% in Spain, to 1993 levels. The Spaniards will also be paying higher taxes. However, these bad news were all more or less expected.

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