German Unemployment Increases Less Than Analysts Expected in August 2023
Overview of German Unemployment Figures for August 2023
Unemployment Rises Slightly Less Than Expected
BERLIN, Aug 28 (Reuters) - The number of unemployed people in Germany rose slightly less than expected in August, labour office figures showed on Friday.
In seasonally adjusted terms, the jobless figure grew by 4,000 to 2.996 million, while analysts polled by Reuters had predicted an increase of 5,000.
The seasonally adjusted jobless rate remained stable at 6.4%.
Unadjusted Figures and Seasonal Trends
The overall unadjusted number of unemployed people remained over the 3 million mark for the second month in a row in August, rising by 36,260 to reach 3.061 million in total.
"Even in August, the labour market shows little momentum beyond the usual seasonal patterns," labour office head Andrea Nahles said in a statement.
"This marks a continuation of the subdued trend seen in recent months."
Impact of Seasonal and Economic Factors
Unemployment figures regularly rise starting in July due to the summer break. This has been compounded by a relatively sluggish economy.
Signs of Economic Improvement and Labour Market Outlook
However, signs of stronger economic growth have recently increased, which could have a positive impact on the labour market: A survey from the Ifo economic institute found that job cuts had slowed in August.
The institute's key business climate index also rose more than expected in August, following stronger exports and industrial production.
In total, 656,000 job openings were registered with the labour office in August, 25,000 more than a year ago.
Conclusion
(Reporting by Miranda MurrayEditing by Linda Pasquini and Friederike Heine)
