Germany reported a small increase in unemployment figures in November 2024, compared to the previous month, new data from Destatis, the federal statistics office, found.
In November, some 46.1 million individuals residing in Germany were unemployed, the data showed, an increase of 0.1% (24,000 persons) on the previous month. In October, the month-on-month increase was 12,000.
The increases in October and November follow on from a trend of average monthly declines of 19,000 between June and September 2024.
Compared to November 2023, however, employment levels have remained largely unchanged in Germany, however, showing a modest increase of 10,000 persons, or 0.0%. This continues the trend of stable year-on-year changes for three consecutive months, with September and October also reporting 0.0% increases.
A total of 1.49 million people were unemployed in November 2024, with the unemployment rate rising to 3.3% for the month, compared to 3.1% for the same period in 2023.
Destatis’ employment statistics for Germany are based on the International Labour Organization’s (ILO) employment status concept. They differ from figures on registered unemployment, which are calculated by the Federal Employment Agency according to the Social Security Code. Read more here.
Last week, a leading analyst described Germany’s manufacturing sector as facing significant challenges, with the purchasing managers index (PMI) ending the year at 42.5, a three-month low.
Production volumes have decreased sharply, with new orders continuing to decline, indicating that the industry remains in recession. Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, stated that production is falling rapidly and new orders are slumping.
‘There were further cutbacks to employment and inventories as firms adjusted to the weaker demand environment, albeit with the rates of decline easing in each case,’ a statement from Hamburg Commercial Bank, produced in association with S&P Global, noted.
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