Labor market: Unemployment falls slightly in March

Labor market: Unemployment falls slightly in March

The usual spring revival is weaker than expected. Unemployment in Germany is falling – but only very moderately. The weak economy is leaving its mark on the labor market.

Due to a hesitant spring recovery, the number of unemployed in Germany fell only slightly by 26,000 to 2.594 million people in March. Compared to March 2022, the number of unemployed is currently 232,000 higher, according to the Federal Employment Agency in Nuremberg. The unemployment rate remained stable compared to February, but at 5.7 percent it is 0.6 points above the same month last year. In the monthly statistics presented on Friday, the Federal Agency used data that was available up to March 13th.

“The spring revival is only beginning to be cautious,” said the Federal Agency’s CEO, Andrea Nahles. The weak economy is leaving its mark. Even without taking the Ukrainian refugees into account in the statistics, unemployment would have risen year-on-year, the agency said.

According to the information, however, short-time work has not increased. Between March 1st and March 27th, companies registered short-time work for 50,000 employees. It is not yet known how much of this will be used. The most recent actual utilization data is from January. This month, short-time work benefits were paid to 140,000 people.

The number of employees remains at a very high level. In February, 45.6 million people were employed, 423,000 more than in February 2022 and 31,000 more than in January of this year. However, the demand for labor has recently declined somewhat. In March, 777,000 vacancies were reported to the Federal Agency, 62,000 fewer than a year ago.

Source: Stern

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