Germany’s unemployment rate reaches 8.6%

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Europe’s largest economy has received some bad news today as the Federal Labour Agency revealed that the unemployment rate in Germany rose from 8.5% in February to 8.6% in March.

According to the agency, a total of 3.586 million people were out of work, rising by 34,000 compared with the previous month.

While the rate is rising, it is not the highest in the euro zone since Spain’s jobless rate currently stands at 14%.

Germany’s economy entered recession late last year, while the euro zone, as a whole, entered recession in November.

Meanwhile, the rise in unemployment in the country exceeded analysts expectations and according to Stefan Muetze from Helaba: “The increase was stronger than expected. That’s obviously linked to the weaker economy. For the second quarter, we expect a slight decline and stabilisation after that.”

Mr Muetze believes the job market will deteriorate further and expects unemployment to reach 4 million by the end of this year.

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