Financial News: German Unemployment Rises Less Than Forecast

German Unemployment Rises Less Than Forecast

08/30/2024 - 08:47:00 (RTTNews)

(RTTNews) - German unemployment increased less than expected in August despite weak economic activity, official data revealed Friday.

The number of unemployed persons increased only 2,000 to 2.8 million in August, the Federal Employment Agency reported. Unemployment was forecast to rise 17,000, the same pace of increase as seen in July.

The jobless rate stood at 6.0 percent in August, the same rate as seen in July and June.

On an unadjusted basis, the number of people out of work rose by 63,000 to 2.9 million.

"The labor market continues to feel the effects of economic stagnation," Andrea Nahles, the chairwoman of the Federal Employment Agency said. Unemployment and underemployment continued to increase during the summer break, Nahles added.

However, suggesting a slowdown in the labor market, data showed that job openings totaled 699,000 in August, down by 72,000 from a year ago.

Based on the labor force survey, Destatis today said the number of unemployed remained unchanged at 1.53 million in July. The jobless rate held steady at 3.4 percent.

The unadjusted unemployment rate was 3.7 percent compared to 3.0 percent in the same period last year, Destatis reported.

Elsewhere, official data today showed that the euro area unemployment rate slid to seasonally adjusted 6.4 percent in July from 6.5 percent in June. There were 10.99 million unemployed people in the currency bloc.

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