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German Unemployment Increases In September

Germany's unemployment increased in September albeit at a slower pace, data from the Federal Labor Agency revealed Friday.

The number of people out of work increased 14,000 after climbing 26,000 in August. This was also smaller than the expected rise of 20,000.

At the same time, the unemployment rate held steady at 5.5 percent in September, as expected.

Despite rising prices and concerns about energy shortages, the labor market remains stable overall, Federal Labor Agency Chief Andrea Nahles said.

Based on the labor force survey, the jobless rate was 3.0 percent in August versus 3.4 percent in the same period last year, Destatis reported Thursday. The number of unemployed decreased 125,000 annually to 1.32 million.

On a seasonally adjusted basis, the jobless rate came in at 3.0 percent in August. Unemployment remained unchanged from July, at 1.30 million.

At the same time, employment fell slightly by 6,000 compared to the previous month. This was the first time in a year and a half that the seasonally adjusted number of employed persons has not increased further, said Destatis.

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