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Financial News: German Unemployment Increases In August

German Unemployment Increases In August

08/31/2022 - 07:30:00 (RTTNews)

(RTTNews) - Germany's unemployment increased in August due to the registration of Ukrainian refugees, data published by the Federal Labor Agency revealed Wednesday.

The number of people out of work increased 28,000, as expected, after rising 45,000 in the previous month.

In turn, the jobless rate rose slightly to 5.5 percent in August from 5.4 percent in July. The rate came in line with expectations.

Despite the economic and political uncertainties, the labor market is robust, Federal Labor Agency Chief Andrea Nahles said.

"Unemployment and underemployment increased again more strongly in August than is usual for the time of year. However, this is still due to the registration of Ukrainian refugees," Nahles added.

The labor force survey results from Destatis showed that the jobless rate fell to 3.2 percent in July from 3.4 percent in the same period last year. The number of unemployed decreased 62,000, or 4.3 percent annually to 1.40 million in July. The adjusted jobless rate remained at 2.9 percent.

Employment increased by 25,000, or 0.1 percent compared with the previous month.

Destatis said the number of persons in employment has grown since spring 2021. It has remained largely unaffected by the Covid-19 infection waves and, as yet, by the consequences of the war in Ukraine.

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