(German Federal Employment Agency): Unemployment rate rises in Germany amid continued weakness in the labor market

Berlin, August 28 (KUNA) -- The German Federal Employment Agency announced on Friday that the unemployment rate in Germany rose from 6.4 percent in July to 6.5 percent in August, a new indicator of the continued weakness of the labor market and the slowdown in economic growth in Europe’s largest economy. According to data released by the agency from its headquarters in Nuremberg, the number of unemployed people increased by 54,000 during the month compared to July, reaching approximately 3 million. The agency noted that “the labor market still lacks the necessary dynamism.” The rise in unemployment comes at a time when companies remain cautious about hiring new workers, while the number of job vacancies stood at around 656,000, a slight increase of 3,000 jobs compared to July. Overall, the data suggest that the rising unemployment rate has become the most prominent indicator of the persistent pressures facing the German labor market, amid weak hiring, structural shifts in the economy, the spread of bureaucracy, and high energy prices. (End) E.N.J./A.B.K.