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Financial News: German Unemployment Unexpectedly Falls

German Unemployment Unexpectedly Falls

01/03/2023 - 08:03:00 (RTTNews)

(RTTNews) - Germany's unemployment declined unexpectedly in December despite the economy moving closer to a likely recession.

The unemployment rate remained unchanged at seasonally adjusted 5.5 percent in December, data from the Federal Labor Agency revealed Tuesday. Economists had forecast the rate to remain at November's initially estimated 5.6 percent.

The number of people out of work decreased by 13,000 in December after rising 15,000 in November. This fall was also in contrast to the expected increase of 15,000.

Official data released today showed that the jobless rate held steady at seasonally adjusted 3.0 percent in November. According to the labor force survey, the number of people out of work decreased 6,500 from October to 1.32 million.

A survey conducted by the ifo Institute in December suggested that German employers' intentions to take new staff fell slightly at the end of the year amid recession concerns. The ifo Employment Barometer dropped to a three-month low of 99.5 points in December from 99.6 points in November.

The largest euro area economy is widely expected to enter a mild recession in the winter before recovering by the spring. In the third quarter of 2022, the economy had expanded 0.4 percent.

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