Record High Unemployment in July | Business| Economy and finance news from a German perspective | DW | 04.08.2004
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Record High Unemployment in July

Despite indications that the German economy is recovering, the number of jobless reached an all-time high of 4,359,900 in July. Compared to the previous year, 6,700 more people were unemployed, the Federal Labor Agency announced Wednesday in Nuremberg. The jobless rate rose by 126,500 or 0.3 percent over the previous month to 10.5 percent. Federal Labor Agency head Frank-Jürgen Wiese said the pick-up in the economy had not yet had an effect on the labor market. His deputy, Heinrich Alt, said that the increase reflected the large number of young adults who had completed occupational training but not yet found a job. He also attributed the rise to social welfare reforms and companies' tendencies not to hire during the summer.