Europe shrugs off third wave fears with Germany’s bullish job market
As Europe gears up towards recovery, German unemployment dropped more than expected in May as companies bolstered their workforces ahead of pent-up demand, data showed today.
Falling Covid-19 infections and the easing of lockdown restrictions have revealed surprisingly sturdy job market data – with pent-up demand fuelling a consumer-driven recovery this summer.
The number of people out of work was cut by 15,000 in seasonally adjusted terms to 2.739m, according to the Labour Office.
Meanwhile, the seasonally adjusted unemployment rate stayed the same, at 6 per cent, for the fifth consecutive month.
“There are first signs of a comprehensive improvement on the labour market in May. The impact of the coronavirus crisis is still visible very clearly, but it is becoming a bit smaller,” Labour Office head Detlef Scheele said.
The number of employees put on reduced working hours in job protection schemes also saw a sharp drop in May, preliminary figures showed.