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Financial News: German Unemployment Rises Less Than Expected

German Unemployment Rises Less Than Expected

11/02/2022 - 08:42:00 (RTTNews)

(RTTNews) - German unemployment increased less-than-expected in October, data published by the Federal Labor Agency revealed Wednesday.

The number of unemployed climbed 8,000 in October, following a revised increase of 13,000 in September. Unemployment was forecast to rise by 15,000.

The unemployment rate remained unchanged at 5.5 percent in October, in line with expectations.

The consequences of the economic uncertainties are visible, Federal Labor Agency head Andrea Nahles said. More companies are preparing for possible short-time work and reducing their demand for new staff.

Data published by Destatis, earlier on Wednesday, showed that the jobless rate held steady at seasonally adjusted 3.0 percent in September. The number of unemployed totaled 1.31 million, on a par with the level recorded in August 2022.

On an unadjusted basis, the unemployment rate was 2.9 percent versus 3.3 percent in the same period last year.

The Purchasing Managers' survey revealed that Germany's manufacturing sector downturn deepened in October. The S&P Global/BME manufacturing Purchasing Managers' Index dropped to 45.1 from 47.8 in the previous month.

The survey showed that manufacturers' raised staff numbers in October in order to clear backlogs of work. The rate of employment growth picked up slightly from September's 19-month low.

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