Data provided by the Federal Employment Agency (FEA) showed that in August, the unemployment rate (seasonally adjusted) remained unchanged at 6% (the highest value since May 2021), confirming economists' forecasts.
Meanwhile, the number of unemployed grew by 2 thousand, to 2.801 million people, after an increase of 17 thousand in July (revised from +18 thousand). Consensus estimates suggested an increase of 16 thousand. In annual terms, the number of unemployed rose by 170 thousand in July.
The report also showed that in August there were 699,000 job vacancies, down by 72,000 from a year ago, indicating weakening labor demand.
"The labor market continues to feel the effects of economic stagnation," said Andrea Nahles, chairwoman of the Federal Labour Office, noting that unemployment had increased over the summer.