German jobs saved by short-time working subsidies, says IMF

While the impact of the worst recession since the second world war has been to push up joblessness in every continent and every country, the IMF reported big variations between countries.

America’s flexible labour market has not prevented an increase of five percentage points in the unemployment rate, which at close to 10% is at its highest level since the early 1980s.

In Germany, by contrast, the sharp contraction in industrial output has led to – so far at least – a rise of only three-quarters of a point in the jobless rate.


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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza