A Closer Look

German unemployment down to 7.0 percent not following Eurozone

As Euro area unemployment hits record high, Germany’s unemployment rate fell to 7.0 percent last month with less than 3 million registered as jobless — the best April value in 20 years, official figures showed Thursday.

Germany’s labor agency says the country’s unemployment rate slipped from 7.2 percent in March thanks to the continuing traditional springtime upturn and the country’s robust economy.

A total of 2.96 million people were registered as unemployed in Europe’s biggest economy, 65,000 fewer than in March and 115,000 fewer than a year ago, it said.

The April unemployment rate last fell under the psychologically important barrier of 3 million in 1992, when 2.94 million were jobless as the country experienced strong growth two years after its reunification with formerly communist East Germany.

In March, the most recent data available, a total of 41.2 million were registered as employed, up by 600,000 on the year, it said…

via German unemployment down to 7.0 percent – Yahoo! News.

German Jobless Unexpectedly Up in April as Crisis Flared – Bloomberg 

The number of people out of work increased a seasonally adjusted 19,000 to 2.87 million, the Federal Labor Agency in Nuremberg said today. Economists forecast a decline of 10,000, the median of 34 estimates in a Bloomberg News survey shows. The adjusted jobless rate was unchanged at 6.8 percent, still a two- decade low, after the agency revised up figures for February and March.

The number of people out of work increased a seasonally adjusted 19,000 to 2.87 million, the Nuremberg-based Federal Labor Agency said today. Photographer: Michele Tantussi/Bloomberg

“The labor market has entered a period of stabilization at a high level,” said Carsten Brzeski, an economist at ING Group in Brussels. While “the economic tailwind from the last two years is clearly fading away,” it is “not yet a cause for concern” and so far underscores that the labor market is an indicator that lags behind economic developments.

German unemployment has been the biggest advertisement for Chancellor Angela Merkel’s prescription to quell the debt crisis with budget cuts and labor-market changes as part of an economic overhaul. Separate European figures published by the Luxembourg- based statistics agency Eurostat today showed euro-region unemployment rose to 10.9 percent in March, the highest in almost 15 years and almost double Germany’s rate of 5.6 percent…

Source:

Read More @ German Jobless Unexpectedly Up in April as Crisis Flared – Bloomberg.

Job Market Monitor:

There is confusion on the official data. We have checked at the official site. Yahoo! is right. See by yourself:

 

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