Surprising Drop in German Unemployment Despite Economic Challenges
Joblessness in Germany showed an unexpected decrease in January, demonstrating strength in its labor market despite recessionary pressures on the economy. According to the Federal Labor Agency’s report on Wednesday, the number of people out of work decreased by 2,000, offsetting the increase of 2,000 in December. Economists had initially forecasted unemployment to increase significantly by 11,000. The jobless rate remained steady at 5.8 percent in January. The Agency’s Chief, Andrea Nahles, commented that the labor market is stable despite current economic weakness. A labor force survey reported earlier that there were 1.37 million unemployed in December, an increase of 5,000 from the prior month. The jobless rate remained unchanged at an adjusted 3.1 percent, implying consistent levels of unemployment.