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Financial News: German Unemployment Declines More Than Expected

German Unemployment Declines More Than Expected

05/03/2017 - 08:26:00 (RTTNews)

(RTTNews) - German unemployment continued to decline in April as firms continued to create jobs raising hopes that the labor market will help to drive economic growth.

The number of people out of work decreased by a seasonally-adjusted 15,000 to 2.543 million in April, the Federal Labor Agency reported Wednesday. Economists had expected a decline of 11,000.

The jobless rate held steady at 5.8 percent, the lowest since the German reunification in 1990 and in line with expectations.

On an unadjusted basis, unemployment dropped by 93,000 to 2.569 million in April.

In the euro area as a whole, the unemployment rate was at the lowest in more than eight years. The unemployment rate stood at 9.5 percent in March, the lowest since April 2009.

With the continued spring revival, the number of German unemployed people again declined significantly in April, Federal Labor Agency Head Detlef Scheele said. The positive development on the labor market thus continues.

Based on ILO norms, the German jobless rate was steady at 3.9 percent in March, figures from Destatis showed Tuesday. The number of unemployed totaled 1.68 million, down about 2,000 persons from the previous month.

The German labor market remains the showcase of the economic recovery, Carsten Brzeski at ING DiBa said. Survey indicators suggest that the positive trend will continue, the economist added.

The German government forecast 1.5 percent economic growth this year and 1.6 percent in 2018. Destatis is slated to publish first quarter GDP data on May 12.

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