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- German unemployment falls in sign of continuing recovery
German unemployment falls in sign of continuing recovery
Reuters reports that according to the report from the Labour Office, German unemployment fell in July as companies hired more staff in light of a recovery in Europe’s largest economy.
The number of people out of work fell by 91,000 in seasonally adjusted terms to 2.598 million. Economists had forecast a fall of 28,000. The seasonally adjusted jobless rate fell to 5.7% from 5.9% in June.
“Unemployment and underemployment have continued to fall sharply since the start of the summer break,” Labour Office head Detlef Scheele said in a statement. “Companies are increasingly looking to hire new staff.”
The release of the jobless figures followed the publication on Monday of a survey showing German business morale fell unexpectedly in July on continuing supply chain worries and amid rising coronavirus infections.
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