German unemployment inches upward in November amid economic strain
Story highlights
Reuters reported that the seasonally adjusted data revealed an increase of 22,000 people out of work, bringing the total to 2.702 million.
In a reflection of the ongoing economic challenges, Germany has witnessed a rise in unemployment numbers in November, aligning with analysts' expectations, according to figures released by the Federal Labour Office.
Reuters reported that the seasonally adjusted data revealed an increase of 22,000 people out of work, bringing the total to 2.702 million.
Andrea Nahles, chairwoman of the Federal Employment Agency, commented on the impact of the economic downturn on the German labour market, stating, "The economic downturn continues to leave its mark on the German labour market."
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The seasonally adjusted jobless rate in Germany edged up from 5.8 per cent in October to 5.9 per cent in November. This uptick in unemployment coincides with a decline in job openings, with 733,000 positions available—a decrease of 90,000 compared to the previous year.
According to Reuters, Nahles emphasised the modest growth in employment and noted a simultaneous decrease in labour demand. "Employment is only growing slightly and labour demand is still declining," she said.
The Ifo employment barometer revealed a dip in the willingness of German companies to hire new staff in November.
Klaus Wohlrabe, head of surveys at Ifo, commented on the cautious approach of businesses, saying, "With a solid foundation for recovery still not in sight, companies are putting off hiring new staff."
This sentiment aligns with the broader trend of companies hesitating to expand their workforce amid economic uncertainties, contributing to the challenges faced by the German job market.
(With inputs from Reuters)
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