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 Ã¢â‚¬â€œ so far at least Ã¢â‚¬â€œ a rise of only three-quarters of a point in the jobless rate.
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