The recession in the German economy suppresses the labor market

The number of unemployed in Germany rose by 16,000 in March to 2.54 million as the downturn in the economy slowed the normal spring rise in the job market.

The German Federal Employment Agency (BA) announced March data on unemployment figures. The seasonally adjusted unemployment rate rose to 5.6 percent from 5.5 percent in March.

Consequently, the number of seasonally adjusted unemployed in the country increased by 16 thousand in March compared to the previous month and amounted to 2.54 million. The expectation for the number of unemployed in the markets was for an increase of 1,000 in March.

RISE SLOW

Federal Employment Agency President Andrea Nahles, in his assessment on the issue, claimed that the stagnant economy slowed the usual spring rise in the German job market, saying: “The job market remained strong overall in March. However, the weakness of the economy leaves its mark on the labor market. she used the phrase.

Analysts noted that Germany’s labor market has remained “strong” in recent months despite the German economy losing momentum, noting that with inflation still high and interest rates rising, pressure on spending and investment may begin to weigh on employment. (AA)