Germany's jobless rate remained at 6.2% in February 2023, with 2.99 million unemployed, up by 5,000 from January. This reflects a deteriorating economic situation, attributed to the pandemic and increasing energy prices from the Ukraine war. Economist Martin Mueller indicated that the stagnation is severely affecting the labor market, and hiring has slowed down significantly, as shown by the drop in job vacancies. The economy, forecasted to grow by only 0.3% this year, also faces additional risks from potential US tariffs on exports, particularly in the automotive sector.
Germany's jobless rate remained steady at 6.2% in February, with 5,000 more unemployed than January, highlighting ongoing economic challenges faced by the nation.
Martin Mueller of KfW remarked that economic stagnation has deeply affected the labor market, indicating that recovery is nowhere in sight.
The significant decline in job vacancies, down 67,000 from last year, reflects employers' hesitance to hire amid the prevailing economic situation.
With a projected economic growth of just 0.3% for the year and tariff threats from the US, Germany's export-dependent economy faces substantial risks.
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