German Unemployment Declines More Than Expected
30 June 2021 - 4:14PM
RTTF2
Germany's unemployment decreased more than expected in June as
restrictions related to the coronavirus pandemic were relaxed, data
from the Federal Labor Agency revealed on Wednesday.
The number of people out of work declined 38,000 in June from
the previous month, much bigger than the expected fall of 20,000.
Unemployment had decreased 19,000 in May.
The unemployment rate remained unchanged at 5.9 percent in June,
in line with expectations.
"Unemployment and underemployment continued to fall sharply,"
said Federal Employment Agency CEO Detlef Scheele. The companies
are further reducing short-time working and are looking for new
staff again."
Elsewhere, the labor force survey published by Destatis showed
that the unemployment rate dropped marginally to an adjusted 3.7
percent in May from 3.8 percent in June. On an unadjusted basis,
there were 1.56 million people unemployed in May, down 54,000 from
the previous year. The jobless rate stood at 3.6 percent versus 3.9
percent a month ago.
The seasonally adjusted number of persons in employment rose
slightly by 25,000, or 0.1 percent in May compared with the
previous month. However, the number of persons in employment was
still markedly below the pre-crisis level.
At first glance, today's numbers suggest that the German labor
market has already left the crisis behind, Carsten Brzeski, an ING
economist, said. At second glance, however, the high number of
short-time workers should still be a good reminder of potential
risks going forward, even if these risks look less threatening by
the month.
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