empty

2023.03.3113:18:00UTC+00German Unemployment Unexpectedly Rises; Retail Sales Fall

Germany's unemployment unexpectedly increased in March and retail sales logged a surprise fall, adding evidence to the view that the biggest euro area economy landed in a technical recession in the first quarter. The Federal Employment Agency reported Friday that the jobless rate rose to 5.6 percent in March. The rate was forecast to remain unchanged at 5.5 percent.

The number of people out of work climbed notably by 16,000 in March after an increase of 6,000 in February. Unemployment was expected to rise moderately by 3,000.

The labor market was robust overall in March as well, said Andrea Nahles, chairperson of the Federal Labor Agency. However, the weak economy is leaving its mark, the spring revival is only beginning to take hold.

Nonetheless, labor force survey results published by Destatis for the month of February showed that the number of unemployed decreased by 14,700 from the previous month to 1.29 million. The adjusted jobless rate was 2.9 percent.

On an unadjusted basis, the unemployment rate slid to 3.0 percent from 3.2 percent in the previous year.

Another data from Destatis showed that retail sales declined unexpectedly in February as higher inflation weighed on consumer spending.

Real retail sales dropped 1.3 percent from January, confounding expectations for an increase of 0.5 percent. On a yearly basis, sales registered a decrease of 7.1 percent, worse than economists' forecast of 6.1 percent drop.

In the March monthly report, Bundesbank said the German economy is likely to fall in the first quarter but the decline will be slower than the 0.4 percent fall registered in the final quarter of 2022.

  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST


Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.