In December, Germany’s unemployment count rose by 5k to 2.703m, a figure notably lower than the anticipated increase of 20k. This increment brings the total number of unemployed in Germany to 183k higher compared to the same period a year ago. Additionally, unemployment rate inched up from revised 5.8% to 5.9%, aligning with expectations.
Andrea Nahles, chair of Federal Employment Agency, acknowledged that economic challenges of 2023 have indeed impacted the labor market, but she also emphasized the market’s relative resilience in the face of these stressors.
She noted, “If we look back at 2023, we can see that the weak economy has left its mark on the labor market — however, considering the extent of the stress and uncertainty, the labor market is still holding up well.”
