German Unemployment Falls In October

Frankfurt am Main, (UrduPoint / Pakistan Point News - 29th Oct, 2020 ) :German unemployment ticked down in October as the country bounced back from the initial shock of the pandemic, official data showed Thursday, but a fresh round of shutdowns threaten to halt the momentum.

The seasonally adjusted jobless rate slipped to 6.2 percent this month from 6.3 percent in September, according to the BA Federal labour agency, which called it a "noticeable improvement".

"Unemployment and underemployment fell sharply... However, the labour market is still showing clear signs of the first wave of the corona pandemic," BA chairman Detlef Scheele said.

Pandemic-induced lockdowns in the spring shuttered businesses and factories, but sentiment improved as the economy opened up in the following months.

Government-backed short-time work schemes have softened the blow, saving hundreds of thousands of jobs.

The number of people in short-time work fell in October to 2.6 million from a peak in April of 5.95 million, the BA agency said, suggesting an upturn in business confidence.