German unemployment rate dropped to a new record low

Unemployment in Germany hit a new record low in March with the out-of-work figure falling to 5.8%.

Numbers And Finance
© Ken Teegardin at Flickr

Germany, Europe’s largest economy, keeps defying economic uncertainty with a strong performance, hitting a new record low for the unemployment rate in March.

According to the Federal Labor Agency, the out-of-work figure fell to 5.8% last month making it 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.”

According to Arab News, the number of people registered as unemployed fell by 30,000 last month.

Germany’s labour market is “remarkably healthy, having been hurt only very mildly by the euro zone debt crisis during 2012-13 or the political uncertainty during the second half of 2016,” commented IHS Markit economist Timo Klein.

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