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German unemployment drops further in June as recovery gains speed

Wednesday, June 30, 2021
German unemployment drops further in June as recovery gains speed © Reuters. FILE PHOTO: A woman wearing a protective mask walks past the skyline of the financial district during sunset as the spread of the coronavirus disease (COVID-19) continues in Frankfurt, Germany, October 26, 2020, REUTERS/Kai Pfaffenbach

BERLIN (Reuters) - German unemployment fell further in June as more workers joined the labour market in light of a strong recovery in Europe's largest economy helped by falling coronavirus infections and an easing of containment measures, data showed on Wednesday.

The better-than-expected job market data increases the chances of a consumer-driven recovery over the summer months, with households ready to splash out after months of limited possibilities to spend due to COVID-19 restrictions.

The Labour Office said the number of people out of work fell by 38,000 in seasonally adjusted terms to 2.691 million. A Reuters poll had forecast a fall of 20,000.

The seasonally adjusted jobless rate stood at 5.9%.

In a further positive sign, the number of employees put on reduced working hours in job protection schemes, also known as Kurzarbeit, fell sharply in June, preliminary figures showed.

"Companies are scaling back short-time work and are looking for new staff again," Labour Office head Detlef Scheele said, adding that both unemployment and underemployment continued to fall sharply.

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01-05-2024 10:45:17 (UTC+7)

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 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
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 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
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 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
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 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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