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Jobs

German unemployment up slightly in July

German employment has dipped marginally in the past four weeks. The Federal Employment Agency cited seasonal factors and said the labor market in general was still robust in Europe's power house.

The Nuremberg-based Federal Employment Agency (BA) reported Thursday that the number of jobless people in Germany rose to 2,871,000 in July, leaving an additional 39,000 people out of work, compared to June.

The unemployment rate stood at 6.6 percent, slightly up from the 6.5 percent recorded a month earlier.

In a year-on-year comparison, the figures look rosier, with the number of unemployed people down by 43,000 on July of last year.

Seasonal factors weighing

"Overall, the labor market is very robust," BA President Frank-Jürgen Weise said in a statement.

Germany - land of opportunity?

He noted the month-on-month drop was solely due to seasonal factors, with many companies reducing production levels in the summer and holiday period.

In seasonally adjusted terms, unemployment actually fell more than forecast in July, with 12,000 more people working than in June. Based on the adjusted measure, the total number of unemployed in Europe's biggest economy was down to 2,898,000.

hg/bw (Reuters, dpa)

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