Germany unemployment rises 4,000 in August, rate holds at 6.4%

Germany’s seasonally adjusted unemployment count rose by 4,000 to 2.996 million in August, below the 5,000 increase expected by analysts polled by Reuters. The seasonally adjusted jobless rate remained at 6.4%. Unadjusted unemployment increased by 36,260 to 3.061 million, keeping it above 3 million for the second month in a row. Labour office head Andrea Nahles said the labour market showed little momentum beyond normal seasonal patterns. Unemployment typically rises from July during the summer break, while a sluggish economy has added pressure. More recent signs of stronger growth, including slower job cuts, an improved Ifo business climate index, stronger exports and higher industrial production, could support the labour market. The labour office recorded 656,000 vacancies in August, 25,000 more than a year earlier.

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