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German Unemployment Ticks Higher in October

Economic Indicators Nov 02, 2022 20:24
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© Reuters.

By Scott Kanowsky 

Investing.com -- German unemployment marginally increased in October, according to Federal Labor Office data on Wednesday, as looming economic headwinds led companies to scale back hiring.

The number of jobless people in Europe's largest economy rose by 8,000 on a seasonally-adjusted basis to 2.518M. Analysts had predicted that the number would rise by 15,000.

Meanwhile, the unemployment rate was unchanged at 5.5%.

In a statement quoted by Reuters, Labor Office head Andrea Nahles described Germany's jobs market as "robust," but added that the consequences of larger macroeconomic uncertainties are now "visible."

"[F]or example, more companies are again preparing for possible short-time work and reducing their demand for new staff," she said.

German Unemployment Ticks Higher in October
 

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