(Reuters) – Unemployment in Germany increased in November amid a sharp economic slowdown in the euro zone’s largest economy, according to figures from the Federal Labor Office published on Thursday.
The number of people out of work rose by a seasonally adjusted 22,000 to 2.702 million, in line with analysts polled by Reuters.
“The economic slowdown continues to leave its mark on the German labor market,” said Andrea Nahles, President of the Federal Employment Agency.
The seasonally adjusted unemployment rate rose from 5.8% in October to 5.9%.
In November, the number of job vacancies stood at 733,000, 90,000 fewer than the previous year, according to the Federal Labor Office.
“Employment is only increasing slightly and the demand for labor continues to decline,” added Andrea Nahles.
German companies are increasingly less willing to hire staff in November, according to the Ifo employment barometer.
“While a solid basis for the recovery is still not in sight, companies are postponing the hiring of new employees,” said Klaus Wohlrabe, head of surveys at Ifo.
(Reporting Ozan Ergenay and Holger Hansen; Dagmarah Mackos, edited by Blandine Hénault)
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