German unemployment rises more than October’s expectation

German unemployment rises more than October’s expectation

Germany’s unemployment rose more than expected in October suggesting that a manufacturing crisis in Europe’s largest economy is spilling over to the labor market.

Data from the Federal Labour Office showed the number of people without work increased by 6,000 to a total of 2.287 million in seasonally adjusted terms compared to a consensus forecast of 2,000.

The Unemployment rate held steady at 5.0%, slightly above the record-low of 4.9% that it had reached earlier this year.

“The recent economic weakness is leaving its marks on the job market. But all in all, it still proves to be robust, said Detlef Scheele, head of the Federal Labour Office.

https://www.umarkets.com/en/news/german-unemployment-rises-more-than-october-s-expectation