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Europe’s biggest economy is losing momentum and it’s dragging down the labour market too, latest data shows.
ADVERTISEMENTGermany’s unemployment reached 5.9% in November, up from October’s 5.8%, according to the latest Federal Labour Office figures. This is the highest rate since May 2021.
The report shows that the number of people out of work increased by 22,000 in seasonally adjusted terms to 2.702 million.
A closer look at the regional data shows that Bremen and Berlin have the highest unemployment rates, Bayern and Baden-Württemberg keep maintaining the lowest rates.
“The economic downturn continues to leave its mark on the German labour market,” said Andrea Nahles, chairwoman of the Federal Employment Agency.
In November, there were 733,000 job openings, 90,000 fewer than a year ago, the Federal Labour Office said.
“Employment is only growing slightly and labour demand is still declining,” Nahles said.
The willingness among companies in Germany to hire new staff decreased slightly in November, the Ifo employment barometer showed on Tuesday.
“With a solid foundation for recovery still not in sight, companies are putting off hiring new staff,” said Klaus Wohlrabe, head of surveys at Ifo.
The German economy is struggling to recover, the GDP contracted in the third quarter of the year and the overall economy has signs of an impending recession.
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