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July 31, 2009

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Germany jobless rate increases

GERMANY'S unemployment rate rose by 0.1 percentage point to 8.2 percent in July over the previous month as the recession continued to hurt the job market, the Federal Labor Agency said yesterday.

There were a total of 3.462 million jobless in July, a 52,000 increase, the Nuremberg-based agency said.

"The recession in Germany left its mark again on the German labor market," said agency director Frank-Juergen Weise.

Compared to July 2008, 252,000 more people were out of work.

On a seasonally adjusted basis, however, the number of unemployed dropped slightly by 6,000 over the previous month, leaving the adjusted rate stable at 8.3 percent, the agency said.

The numbers were better than expected, but UniCredit economist Alexander Koch signaled a note of caution, pointing out that the agency had changed the way it keeps statistics in May, and that the older method would have shown significantly higher numbers.


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