Seasonally adjusted figures from Germany’s labour office showed that the number of unemployed people increased by 4,000 to 2.996 million in August.
Economists surveyed by Reuters had expected unemployment to rise by 5,000, making the increase slightly smaller than forecast. The seasonally adjusted unemployment rate remained unchanged at 6.4%.
On an unadjusted basis, the number of unemployed people remained above three million for a second consecutive month, rising by 36,260 to 3.061 million in August.
Labour office chief Andrea Nahles said the labour market continued to lack significant momentum outside the usual seasonal effects, reflecting subdued conditions that have persisted in recent months.
German unemployment typically rises in July and August as the summer holiday period affects employment patterns. The trend has also been influenced by the country’s relatively weak economic performance.
However, recent economic indicators have offered some signs of improvement, raising hopes that stronger activity could eventually support employment.
The Ifo economic institute reported that the pace of job cuts slowed in August, while its closely watched business climate index rose more than economists had expected.
Stronger exports and higher industrial production have also pointed to some improvement in economic activity.
The labour office reported 656,000 vacancies in August, an increase of 25,000 from the number of job openings recorded a year earlier.
Goodness Anunobi
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