German Unemployment Holds at 6.3%

Germany’s seasonally adjusted unemployment rate stayed at 6.3% in September, matching market forecasts. This is the highest level since September 2020, signaling ongoing weakness in the labor market. The number of unemployed people increased by 14,000 to 2.98 million, which is double the 7,000 rise expected by analysts. On a non-adjusted basis, unemployment climbed above 3 million for the first time in 10 years, underlining the strain on workers. According to Federal Labour Office head Andrea Nahles, the job market is still struggling to gain momentum, as the broader economy remains sluggish and fails to generate enough recovery impulses.