Germany's unemployment rate remains high for the first time in 3 years

Germany's seasonally adjusted unemployment rate for 2024/7 was 6%, a high level since 2021/4, as expected by the market.

The number of unemployed people in July increased by 0.01 million8,000 to 2.8 million2,000, and the unemployment rate rose for 19 consecutive terms, exceeding the forecast of 0.01 million5,000.

Rising inflation, rising interest rates, and high living costs continue to weigh on the labor market.

Source: Federal Labor Office