Germany's jobless rate jumps to 7.9%
By David Rising |
February 2, 2011, Wednesday
|
Print Edition
Print Edition
GERMANY'S unemployment rate jumped in January to nearly 8 percent, the government reported yesterday, but economists said that when adjusted for the harsh winter's effects on seasonal jobs, the labor market in Europe's largest economy is showing continued signs of strength.
The number of unemployed in January rose 331,000 over the previous month to 3.4 million, the Federal Labor Office in Nuremberg reported. That sent the jobless rate up 0.7 percentage point to 7.9 percent.
But when adjusted for seasonal variations, the rate fell to 7.4 percent from 7.5 percent the month before - a new post-reunification low.
"Unemployment during the winter break increased, but showed a clear drop when adjusted for seasonal factors," said Labor Office head Frank Weise. "The number of people paying into social insurance and employed people are clearly going up, and the demand for labor continues to rise."
The number of unemployed in January rose 331,000 over the previous month to 3.4 million, the Federal Labor Office in Nuremberg reported. That sent the jobless rate up 0.7 percentage point to 7.9 percent.
But when adjusted for seasonal variations, the rate fell to 7.4 percent from 7.5 percent the month before - a new post-reunification low.
"Unemployment during the winter break increased, but showed a clear drop when adjusted for seasonal factors," said Labor Office head Frank Weise. "The number of people paying into social insurance and employed people are clearly going up, and the demand for labor continues to rise."
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