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Financial News: German Unemployment Increases Sharply In April

German Unemployment Increases Sharply In April

04/30/2020 - 04:32:00 (RTTNews)

(RTTNews) - German unemployment increased sharply in April as coronavirus pandemic weighed on job creation and economic activity, data from the Federal Employment Agency revealed Thursday.

The jobless rate rose to 5.8 percent in April from a near-record low of 5.0 percent in March. The rate was forecast to rise moderately to 5.2 percent.

The number of people out of work increased by 373,000 in April, which was much bigger than the expected increase of 76,000 and 1,000 rise seen in March.

The job market is under considerable pressure due to the coronavirus pandemic, Federal Employment Agency CEO Detlef Scheele said.

The advertisements for short-time work rise to an unprecedented level and the companies' demand for new employees has plummeted, Scheele added.

Data from Destatis showed that the unemployment rate climbed slightly to an adjusted 3.5 percent from 3.4 percent in February.

After seasonal adjustment, the number of unemployed increased by 11,900 to 1.53 million in March.

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