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Germany: Number of unemployed highest in 10 years

The number of unemployed people in Germany has risen to its highest in a decade. The rise comes as the weakness of Europe's largest economy took its toll on the labor market.

Such a sharp month-on-month rise in January is typical, with many seasonal employment contracts coming to an end with the New Year and weather-dependent work, such as in construction, put on hold. "One in four companies in the mechanical engineering sector is planning to cut jobs in the next six months, as our economic survey shows," said VDMA managing executive Thilo Brodtmann. "It is therefore all the more important to bring social security contributions back down to an acceptable level in order to reduce labor costs."

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