Numbers of Germans Out of Work Increase Slightly in August
The rise in number of people without jobs was marginal in August while the unemployment rate was satisfactory, said the country's labor agency on Thursday. This indicates that the labor market in Europe's largest economy has not stumbled significantly amid a recent downfall in economic activity.
Analysts polled by The Wall Street Journal predicted a drop in joblessness number by 5,000 in August. There was no change in the unemployment rate as it remained 6.7% from July.
It is believed that consumer spending will counteract a negative business atmosphere exacerbated by recent tensions in Russia and Ukraine.
Gross domestic product of Germany saw a decline on 0.6% at an annualized rate during the second quarter and 0.2% from the first quarter. First three months of the year were good for the German economy, but businesses have faced troubles after that. Experts believe that this quarter will make it possible to return to expansion, but weak business survey suggests that growth would not be as good as previously believed.
The jobless rate was 4.9% in July after the revised rate of 5% in June. The unemployment rate was 5.3% during the same period last year. The total number of unemployed people came down to 2.09 million from 2.12 million in June.
The jobless rate among youth, aged fewer than 25, declined 0.1% over the month to 7.8%. The employment rate sought no change from 64.4% in July. Also, the number of employed people remained stable at 40.49 million.
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