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Financial News: German Jobless Claims Decline As Jobless Rate Hits

German Jobless Claims Decline As Jobless Rate Hits Record Low

03/29/2018 - 07:54:00 (RTTNews)

(RTTNews) - Germany's unemployment decreased more-than-expected and the jobless rate hit a record low in March as companies created more jobs to expand capacity.

The number of people out of work decreased by 19,000 to 2.373 million in March, the Federal Labor Agency said Thursday. Unemployment was expected to fall 15,000 after declining 23,000 in February.

The jobless rate fell to 5.3 percent in March, in line with expectations, from 5.4 percent in February. This was the lowest since reunification in 1990.

The positive development in the labor market continued in March, Federal Labor Agency's head Detlef Scheele said in Nuremberg.

According to the labor force survey, the jobless rate held steady at adjusted 3.5 percent in February, Destatis reported Thursday.

The number of unemployed fell by around 11,000 to 1.51 million. At the same time, employment increased by 44,000, or 0.1 percent in February.

On an unadjusted basis, the unemployment rate climbed to 3.8 percent from 3.6 percent a month ago.

The Ifo Institute earlier this month projected that the Germany's unemployment rate will ease to 5.2 percent this year from 5.7 percent in 2017 and then fall sharply to 4.8 percent next year.

A survey from Ifo showed that consumer confidence is set to improve in April as excellent job market boost income expectations and spending.

Data on Eurozone unemployment is due next week. The jobless rate is expected to fall to 8.5 percent in February from 8.6 percent in January.

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