German Joblessness Falls in Sign of Confidence in Growth Rebound
(Bloomberg) -- German unemployment continued its decline, suggesting companies are keeping faith in the prospects for Europe's largest economy.
The number of jobless people fell 12,000 in April, more than economists expected, to 2.22 million. The labor agency said demand for workers continues to be very high.
With manufacturing at the heart of economic weakness in Germany, services have been a key driver of demand. The Bundesbank predicts total output expanded moderately in the first quarter, after trade uncertainty, weak growth in China and struggles in the car industry pushed the country to the edge of a recession. A first estimate is due May 15.
Key Insights
- Labor agency says 796,000 open jobs were registered in April, 11,000 more than the previous year.
- Unemployment fell 7,000 in west Germany and was down 5,000 in the eastern part of the country.
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- Fraport, the operator of Frankfurt airport, plans to hire 2,300 people this year to accommodate a strong increase in passenger numbers. At the same time, Bayer AG, Kuka AG and Leoni AG are among companies that have announced job cuts.
--With assistance from Harumi Ichikura and Kristian Siedenburg.
To contact the reporter on this story: Oliver Sachgau in Munich at osachgau@bloomberg.net
To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Jana Randow
©2019 Bloomberg L.P.
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