German Unemployment Falls as Confidence Improves

German unemployment continued to decline in February as companies expressed confidence in the outlook for Europe’s largest economy.

The number of people out of work fell by a seasonally adjusted 14,000 to 2.59 million, data from the Federal Labor Agency in Nuremberg showed on Wednesday. Economists in a Bloomberg survey forecast a decline of 10,000. The jobless rate remained at 5.9 percent, the lowest level since reunification.

The report comes after business confidence unexpectedly improved amid a pickup in manufacturing and services activity, supporting the Bundesbank’s prediction that economic growth will strengthen in the first quarter. Prospects for employment continue to be favorable and filling open positions will become more difficult, the German central bank said in its monthly report.

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.