Could it be our ridiculously high energy costs? Nah.

Germany’s industrial engine sputters as Bosch axes 20,000 jobs – Rising unemployment rate piles pressure on Chancellor Friedrich Merz’s government.

German industrial giant Bosch on Friday confirmed plans to cut 20,000 jobs after profits nearly halved last year, underlining the mounting strain on Germany’s once-dominant manufacturing sector and increasing the pressure on politicians in Berlin to find a solution.

Official data released Friday also showed Germany’s unemployment rate, unadjusted for seasonal factors, rising to 6.6 percent — the highest level in twelve years. The number of unemployed people surpassed three million in January.