German Joblessness at Record Low

Unemployment in Germany hit a new record low in March, official data showed, as Europe’s largest economy continues to defy economic uncertainty with a strong performance, AFP reported. The out-of-work figure fell to 5.8% this month, the Federal Labor Agency said, beating analysts’ forecasts. A 0.1-percentage point fall from the level it had held since January placed it at a new all-time low since German reunification in 1990. “The number of unemployed sank significantly as spring begins to breathe life into the economy,” said Detlef Scheel, the agency’s chief. “Growth in employment is holding steady and demand from companies for new employees remains high.” In seasonally adjusted figures, the number of people registered as out of work fell by 30,000 in March. Germany’s labor market is “remarkably healthy,” IHS Markit economist Timo Klein commented, “having been hurt only very mildly by the eurozone debt crisis during 2012-13 or the political uncertainty during the second half of 2016” arising from Brexit and the election of Donald Trump in the US.