German Joblessness Holds Steady At Record Low
Mohammad Ali (@ChaudhryMAli88) Published February 28, 2018 | 04:28 PM
Unemployment in Germany held steady at historic lows in February, official data showed Wednesday, as booming demand in Europe's top economy fuels an ongoing hiring spree
Nuremberg, Germany, (APP - UrduPoint / Pakistan Point News - 28th Feb, 2018 ) :Unemployment in Germany held steady at historic lows in February, official data showed Wednesday, as booming demand in Europe's top economy fuels an ongoing hiring spree.
The jobless rate was unchanged this month at 5.4 percent, the Federal labour agency (BA) said in figures adjusted for seasonal swings, remaining at the lowest level since German reunification in 1990.
The number of people out of work, however, fell by a more than expected by 22,000, while analysts surveyed by Factset had predicted a drop of 18,000. "The positive development in the labour market continues in February," BA chief Detlef Scheele said in a statement.
"Demand for workers remains at a very high level." In unadjusted terms -- less representative of underlying trends but closely followed in public debate -- the unemployment rate fell from 5.8 percent last month to 5.7 percent in February, or 2.55 million people.
The country's economy has been firing on all cylinders in recent months, boosted by robust appetite for German goods abroad, strong consumer demand at home and supportive policies from the European Central Bank.
German unions have sought to capitalise on the boom times by pushing for huge salary increases in wage talks with employers. In what could set a benchmark for industries nationwide, the influential IG Metall metalworkers' union this month won a 4.3-percent wage hike for its 3.9 million workers, as well as the right to more flexible working hours.
Buoyant business and investor confidence surveys continue to paint a rosy picture for Europe's powerhouse economy, even as Chancellor Angela Merkel's tortuous efforts to forge a new coalition government drag on following September's inconclusive election.
But a consumer confidence survey on Wednesday suggested that the protracted political uncertainty was starting to weigh on shoppers' minds. The closely-watched GfK institute's monthly poll of around 2,000 people predicted a slip in morale of 0.2 points compared with February's level, to 10.8 points.
"Political upsets around forming a stable and reliable government in Berlin may have unsettled consumers somewhat," the pollsters commented.
Related Topics
Recent Stories
Selection committee dissolved over Pakistan women cricket team's poor performanc ..
Punjab CM Maryam Nawaz in police uniform at Chung police center
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 25 April 2024
Today Gold Rate in Pakistan 25 April 2024
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
More Stories From World
-
Togo's legislative elections: What is at stake?
5 minutes ago -
US Supreme Court to hear Trump immunity claim
25 minutes ago -
Blinken calls for US, China to manage differences 'responsibly'
54 minutes ago -
Norway oil giant Equinor's profit falls on lower gas prices
55 minutes ago -
N. Macedonia's right-wing presidential candidate wins 1st round
1 hour ago -
Vietnam court jails soft drinks tycoon in $40 million scam case
1 hour ago
-
The guardian angels of the source of the Seine
2 hours ago -
Star Dudamel brings inclusive vision to New York Philharmonic
2 hours ago -
Paris dream of swimming in the Seine finally within reach
3 hours ago -
Portugal's Carnation Revolution, 50 years on
3 hours ago -
Tough times for Argentine factories as consumers penny-pinch
3 hours ago -
Use of alcohol and e-cigarettes among youth 'alarming': WHO
3 hours ago