German unemployment falls more than expected in August, jobless rate at record low

The unemployment rate in Germany fell more than expected during the month of August, with the rate of jobless people hitting record low in Europe’s biggest economy, official figures released showed Wednesday.

Germany’s jobless rate fell to 4.2 percent in July from 4.3 percent in June, compared to 4.6 percent during the same period last year, data released by statistics agency Destatis showed today. The number of unemployed totaled adjusted 1.82 million, which was a decline of roughly 7,000 on a month earlier.

Further, on an unadjusted basis, unemployment decreased by 60,000 from the prior year to 1.85 million in July. At the same time, the number of persons in employment increased by 41,000, or 0.1 percent in July compared with the previous month.

Moreover, the seasonally adjusted jobless total fell by 7,000 to 2.675 million, the Labour Office added. That compared with a consensus forecast in a Reuters poll for unemployment to fall by 5,000. The adjusted unemployment rate remained at 6.1 percent, the lowest level since German reunification in 1990.

Despite a huge influx of international migrants into the economy, the country’s adjusted rate of unemployment held steady, at its lowest level since the beginning of the series in January 1992. Meanwhile, a buoyant labor market has influenced household consumption and wage growth in Germany.