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Financial News: German Unemployment Falls In August

German Unemployment Falls In August

09/01/2020 - 06:15:00 (RTTNews)

(RTTNews) - The German unemployment decreased in August as the economy showed signs of recovery from the coronavirus driven downturn, data from the Federal Labor Agency showed Tuesday.

The number of people out of work decreased by 9,000 in August, confounding expectations for an increase of 1,000.

The jobless rate held steady at 6.4 percent in August, in line with expectations.

At the same time, the unadjusted unemployment rate rose to 6.4 percent from 6.3 percent in July.

"Unemployment increased at the usual rate in August; as in July, there was no additional corona-related rise in unemployment," Federal Employment Agency CEO Detlef Scheele said.

"Nevertheless, the effects of the pandemic on the labor market are still very clearly visible," Scheele added.

Elsewhere, data from Destatis revealed that the jobless rate climbed marginally to an adjusted 4.4 percent in July from 4.3 percent in June.

According to labor force survey, the unadjusted rate remained unchanged at 4.5 percent in July.

There were 1.98 million unemployed in July. That was an increase of 14,000, or 0.5 percent, compared with June.

In July, the number of persons in employment rose markedly by a seasonally adjusted 55,000 people from the previous month, following stabilization in June. This means that larger employment gains were observed for the first time since the Coronavirus crisis began, Destatis said.

However, the number of persons in employment continued to be markedly below pre-crisis level.

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