Unemployment in Germany, the highest level in 12 years - The figure reaches 3.08 million. Inflation also increasing
The number of unemployed in Germany reached its highest level in 12 years, surpassing 3 million, while inflation moved back above the European Central Bank's 2% target.
The Labor Department figures highlighted the lag in the labor market from the economic stagnation of recent years, with 177,000 more unemployed in January than in December, bringing the total to 3.08 million.
"The increase in the number of unemployed to more than three million is a warning signal," wrote German Chancellor Friedrich Merz on social media. According to him, economic recovery should be the main priority this year.
The unemployment rate rose by 0.4 percentage points to 6.6% in seasonally unadjusted terms.
Merz has promised to revive the economy after two years of slight contraction with a significant increase in spending on infrastructure and defense. While the economy as a whole is showing greater resilience, Merz's measures are taking longer than expected to translate into better conditions on the ground.
The figures improved slightly when seasonal trends were taken into account. On that basis, the Labor Department said, the number of unemployed people remained unchanged from December at 2.976 million and the seasonally adjusted unemployment rate was steady at 6.3%.
Meanwhile, other data showed that core inflation, which excludes food and energy, was 2.5% in January, up from 2.4% in December.
"The small rise in German inflation in January will not worry the ECB much, as it was mainly driven by a rise in food prices," experts said, adding that officials would be encouraged by the fact that services inflation, which rose towards the end of last year, had eased significantly.
On a positive note, German gross domestic product grew by 0.3% in the fourth quarter compared to the previous three months, exceeding the forecast of 0.2%.
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