According to statistics published by the Employment Agency on Wednesday, the unemployment rate in Germany, which has risen slightly since May, grew to 5.0 percent in July.
The amount of unemployed improved by 1,000 in a month in seasonally adjusted data (SAV), at the same rate as in June. This figure is consistent with Factset analysts ‘ expectations.
“Unemployment and underemployment increased in July, mainly because of the arrival of summer holidays,” said Daniel Terzenbach, director of the Employment Agency in a statement.
“The demand for fresh staff is moderately decreasing and if employment continues to rise, it will be less vibrant than before,” Terzenbach stated.
In raw information, less representative of a fundamental trend but serving as a benchmark in government discussion, the percentage of unemployed has risen by 0.1 percent, bringing the amount of unemployed to 2.3 million. Initially, the inflections recorded since May were attributed to changes in the statistical method.
The slight deterioration in German employment figures, usually among the most extravagant in Europe, is now attributed to the general slowdown in the German economy.
Germany, faced with the cross-cutting effects of trade tensions and threats on its automotive industry, is seeing its production chains idle.
For now, 50,000 employees in the industry find themselves on short-time, against 1.5 million at the time of the great recession of 2009, however, notes the economist.
afp / jh
Rowan Sinclair born and raised in NYC. She has written for Billboard, The Prague Post, and Passport Magazine. In regards to academics, Rowan earned his BBA from NYU. Rowan covers business and economy stories here at The Ticker Times.
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