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 Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam