Unemployment rises more than expected in Germany

The German Federal Employment Agency (BA) published April data on unemployment figures.

Thus, the seasonally adjusted number of unemployed in the country increased by 24,000 in April compared to the previous month and amounted to 2,567,000.

The seasonally adjusted unemployment rate of 5.6 percent in the country was unchanged. The number of unemployed was expected to increase by 10,000 in the markets.

WEAK EXPECTED PROGRESS

The president of the Federal Employment Agency, Andrea Nahles, in his assessment on the subject, stated that the expected recovery in the German labor market in the spring remained weak in April, saying: “But in general, the labor market is in a stable condition.”

In Germany, which has the largest economy in Europe, the government estimates that the unemployment rate will be 5.4% and 5.2% in 2023 and 2024, respectively.

Meanwhile, the German economy narrowly escaped technical recession in the first quarter. The economy failed to grow in the first quarter of this year due to unusually high inflation and rising interest rates, which put pressure on consumer spending. (AA)