Economy German joblessness hits 24-year low

German joblessness hits 24-year low

 Frank-Juergen Weise, president of the Germany's Federal Labour Office.
Frank-Juergen Weise, president of the Germany’s Federal Labour Office.

German unemployment dropped in May to the lowest level in 24 years, the Federal Employment Agency (BA) reported Tuesday.

It said the number of jobless people in the country fell to a seasonally adjusted 2.786 million people, reaching levels last recorded in September 1991, a year after German reunification.

In raw, un-adjusted terms, the jobless total decreased by 81,000 month on month to 2.762 million, the office said.

The unemployment rate – measuring the jobless total against the working population as a whole – stood at 6.4 percent in May, unchanged from the previous month and the lowest level since 1990.

“Although GDP growth has cooled somewhat of late, developments on the labor market have continued to be positive,” BA President Frank-Jürgen Weise said in a statement.

Normally, unemployment declines in the spring as the warmer weather allows companies in the building sector and elsewhere to hire more workers.

But the current pickup in domestic demand had been magnifying that effect, the labor office said.

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