Aug 29, 07:55 AM

German Unemployment Falls Unexpectedly but Jobless Total Tops 3 Million

Germany’s labour market delivered a mixed signal in August as the number of people registered as unemployed fell by 9,000 on a seasonally adjusted basis, defying economists’ forecasts for a 10,000 increase and reversing a 2,000 rise in July, the Federal Employment Agency said on Friday. The jobless rate remained unchanged at 6.3% for a fourth straight month, its highest level since 2020. On a non-seasonally adjusted basis, the total number of unemployed rose to 3.025 million, breaching the three-million mark for the first time in a decade and highlighting the continuing strain on Europe’s largest economy after two years of contraction. Agency president Andrea Nahles said the labour market is still feeling the effects of the recent downturn but “initial signs of stabilisation” are emerging. Economists cautioned that persistently weak output and subdued global demand could limit hiring in the coming months even as the immediate deterioration in employment appears to have eased.

#Germany #Federal Employment Agency #Europe #Andrea Nahles

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German Unemployment Falls Unexpectedly but Jobless Total Tops 3 Million

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