GERMANY’S unemployment fell by 58,000 month- on-month in May, dropping below the three-million mark for the first time in four months, official data showed Friday.
According to the Federal Employment Agency (BA), the number of unemployed stood at 2.95 million, while the jobless rate fell by 0.1 percentage point to 6.3 percent.
Despite the decline, BA chief Andrea Nahles remained cautious. “The spring recovery has not really gained momentum this year,” she said, adding that a fundamental turnaround in the labor market was still not in sight.
Compared with a year earlier, unemployment was still up by 31,000, underscoring the persistent weakness of the labour market in Europe’s largest economy amid a prolonged period of sluggish growth.
While German companies are planning fewer job cuts than in previous months, they still intend to reduce headcount rather than expand hiring, separate data released by the ifo Institute on Wednesday showed. — Xinhua