Germany's Jobless Rate Soars Beyond Market’s Forecast
(MENAFN) Germany's unemployment surged by 14,000 in September, reaching a total of 2.98 million, according to new data released Tuesday by the Federal Employment Agency. The increase was far worse than the market’s forecast of just an 8,000 rise.
The country's seasonally adjusted unemployment rate remained stable at 6.3% for September. Meanwhile, the number of unfilled job positions dropped by 66,000 compared to the previous month, totaling 630,000 vacancies.
The bleak job market comes amid a weakening economy, as Germany's GDP shrank by 0.1% in the second quarter, following a modest 0.3% growth in the first quarter. The decline highlights ongoing fragility in the economy, particularly in the manufacturing sector, which continues to face significant challenges.
Rising interest rates, cyclical risks, and structural shifts pose further threats to Germany's economic stability. Although the government had vowed to boost the economy with increased spending on infrastructure and defense, the anticipated positive effects of these measures have been slower than expected.
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