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King@sh.itjust.works to Europe@feddit.orgEnglish ·
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3 days ago

Unemployment climbs to 10.6% in Finland, marking bleakest point since 2009

yle.fi

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Unemployment climbs to 10.6% in Finland, marking bleakest point since 2009

yle.fi

King@sh.itjust.works to Europe@feddit.orgEnglish ·
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3 days ago
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Unemployment climbs to 10.6%, marking bleakest point since 2009
yle.fi
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Around 50,000 more people were unemployed last month than in November 2024.
  • Avid Amoeba@lemmy.ca
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    3 days ago

    Any finn to willing to contribute some context?

    • tal@lemmy.today
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      3 days ago

      I’m not Finnish, but:

      https://www.straitstimes.com/world/europe/finland-stuck-in-doom-loop-with-highest-jobless-rate-in-decades

      The two key bits that seem relevant:

      Finland has been hurt by weak demand in Europe – most notably in its key export market, Germany – as well as sanctions against neighbouring Russia.

      “We must remember that unemployment reacts to economic shifts with a delay,” he said. “That’s why unemployment is often at its highest when the economic cycle is already headed in a better direction.” BLOOMBERG

      So some of that is going to be disruption from businesses that exported to Russia and aren’t and them getting around to layoffs and some of that is due to weak exports to Germany. I don’t know what the story is in Germany, but I have read some articles about Germany seeing fallout from impact of high energy prices on energy-intensive industry and weak exports to China. If that’s the case, I’d guess that both factors are at least partly related to the war in Ukraine.

      https://www.france24.com/en/live-news/20250115-german-economy-shrinks-again-amid-political-crisis

      https://www.ft.com/content/509901c4-1c5e-463a-a019-e0b4de97e9f6

      The new outlook suggests that Germany’s GDP will only rise back to its pre-recession levels by late 2026.

      • DragonTypeWyvern@midwest.social
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        3 days ago

        The context is the conservatives took over and started doing austerity programs with the exact same result and bullshit lines they use to excuse the results in every country they happen to.

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