Germany’s jobless rate rises to 31-month high

Germany’s seasonally adjusted unemployment rate was reported to have risen to 5.9% in December from a revised down 5.8% in November.

It has been the highest rate of unemployment since May 2021, as the number of unemployed persons increased by 5,000 to a total of 2.703 million.

Regional disparities continued to persist, as Bremen and Berlin recorded the highest jobless rates, while Bayern and Baden-Württemberg maintained the lowest rates.

“The labor market is still holding up well in terms of the extent of the burdens and uncertainties,” Andrea Nahles, Chair of the Federal Employment Agency, said in a statement.

The Euro was little changed on the day against the US Dollar, with the EUR/USD currency pair last trading at 1.0936. The single currency has extended a pullback from a 5-month peak of 1.1139, which it registered on December 28th.

The EUR/USD pair gained 3.16% in 2023.