Germany's unemployment rate increases | MENAFN.COM

Wednesday, 08 February 2023 11:40 GMT

Germany's unemployment rate increases


(MENAFN) The figure of unemployed in Germany rose by 17,000 this month, on a monthly basis, to 2,540,000, based on the nation’s Federal Labor Agency.

Statistics released on Wednesday show the country’s unemployment rate increased to 5.6 percent in October from 5.5 percent last month. Analysts had not estimated the number to alter from the earlier month.

“Overall, the labor market is stable,” Daniel Terzenbach, who’s responsible for regions at the Federal Labor Agency, made an announcement. “Seasonally adjusted unemployment and underemployment have risen once more and short-time work is increasing again, but employment is growing significantly.”

The report stressed that the highest unemployment rate in the nation was seen in Bremen (10.4 percent) and in Berlin (8.9 percent), and the lowest in Bavaria (3.3 percent).

The EU’s largest economy, which has been struck by the energy crisis and by high inflation, is widely anticipated to reach slump.

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