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Thursday, 7 November, 2002, 09:12 GMT
Yet more Germans out of work
German Chancellor Gerhard Schroeder
Mr Schroeder has failed in his promise to create jobs
German unemployment - one of the country's main economic headaches - has increased further, piling the pressure on Chancellor Gerhard Schroeder to take action.

Seasonally adjusted joblessness rose 22,000 in October, far more than average market forecasts, and taking the overall figure to 4.119 million.

This is the fourth month in a row that unemployment has lingered above 4 million, a level seen as evidence of the government's failure to create jobs in the past two years.

The news is the latest sign that Germany's economy is not recovering as fast as hoped from the recession at the end of last year.

And since Germany accounts for two-thirds of eurozone economic output, it will increase calls for the European Central Bank (ECB) to cut interest rates when its governing council meets later on Thursday.

Stimulus hopes

An ECB rate cut would please Mr Schroeder's government, which lacks the funds to pour money into job-creation schemes.

German joblessness
The German parliament is, however, due to debate on Thursday a set of draft laws relating to the so-called Hartz proposals aimed at halving unemployment within three years.

Federal Labour Office president Florian Gerster said that economic growth had been too weak to create jobs.

The unemployment figures come a day after news of a sharp fall in German industrial orders and the day before September output data, which are also expected to be relatively grim.

See also:

23 Sep 02 | Business
07 Aug 02 | Business
06 Aug 02 | Europe
25 Jul 02 | Business
18 Jul 02 | Europe
17 Jul 02 | Media reports
09 Jul 02 | Business
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