Germany: Job Market Continues to Struggle Amid Economic Apathy

Germany’s unemployment rate remained stable in February after a slight uptick in January, with the number of unemployed individuals nearing 3 million in a faltering economy, according to an official estimate released on Friday.

The unemployment rate stands at 6.2%, based on seasonally adjusted data from the Federal Employment Agency. The number of jobless individuals rose by 5,000, also according to seasonally adjusted figures, which is three times lower than analysts had predicted in a survey conducted by Factset.

However, “cyclical weaknesses in the labor market remain evident in February,” stated Daniel Terzenbach, a member of the executive board of the Federal Employment Agency.

In unadjusted figures, which are less indicative of long-term trends but serve as a reference in public discourse, the number of unemployed has “slightly decreased compared to January” by nearly 3,000, according to the agency.

On a year-over-year basis, the number of unemployed individuals has risen by 175,000, approaching the critical threshold of 3 million.