Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Monumental mix up at Oscars

Read more

THE DEBATE

Do Scandals Matter? Fillon, Le Pen cry 'witch-hunt" over corruption probes (part 1)

Read more

THE DEBATE

Do Scandals Matter? Fillon, Le Pen cry 'witch-hunt" over corruption probes (part 2)

Read more

THE INTERVIEW

Philippines: Has Duterte’s ‘war on drugs’ gone too far?

Read more

FOCUS

America's future strategy in Southeast Asia? Local US allies keen for answers

Read more

THE OBSERVERS

Ukraine's illegal mafia-run amber mining; and the street art being destroyed by authorities in Brazil

Read more

EYE ON AFRICA

Anti-immigrant protests erupt in South African capital

Read more

IN THE PAPERS

White House silence over Kansas bar shooting angers India

Read more

IN THE PAPERS

Oscars: Not so white anymore, but very political

Read more

Business

Unemployment rate drops to 8.2% in May

Latest update : 2009-05-28

German unemployment fell to 8.2% in May, according to official figures. The number of those unemployed however rose ever so slightly on a seasonally-adjusted basis, and figures were distorted by a change in the way unemployment is calculated.

AFP - Germany's unemployment rate fell to 8.2 percent in May from 8.6 percent the previous month, unadjusted figures released on Thursday by the national labour agency showed.

The improvement was in large part the result of a change in the way unemployment is calculated however, and one analyst warned that the jobless rate in Europe's biggest economy would worsen further in coming months.

The number of unemployed in Germany rose on a seasonally adjusted basis meanwhile by a meagre 1,000 in May from April, the agency said.

In April, the number of jobless had jumped by 58,000 as Germany's worst recession since World War II slammed the labour market.

Figures in May were distorted downwards by around 20,000 owing to a new rule that instructed the labour agency not to count people undergoing training within a company as unemployed, it said.

And Capital Economics economist Jennifer McKeown noted that "survey measures of employment intentions point to an underlying picture of heavy job cuts.

"As the severity of the recession has become clear, government incentives to maintain headcounts and cut hours have become increasingly ineffective," she warned.

A boost to household incomes from inflation that has now dipped into negative territory "will be at least partly offset be a further sharp rise in true unemployment in the coming months," McKeown said.

Date created : 2009-05-28

COMMENT(S)