Unemployment in Germany rises less than expected - But the number of unemployed risks increasing due to the weak economy
The number of unemployed people in Germany rose more slowly than expected in February, data showed. But the federal labor office warned that economic weakness was still putting pressure on the labor market.
The number of people unemployed rose by 5,000, in seasonally adjusted terms, to 2.89 million. The employment rate remained unchanged from the previous month at 6.2%, in line with the forecast.
Europe's largest economy has shrunk over the past two years and risks stagnation in 2025, as the large manufacturing sector is in recession, households are saving money instead of consuming and the government is spending far less than relatively low debt levels would allow.
Against this backdrop, the number of unemployed people in Germany could exceed 3 million this year for the first time in 10 years.
The conservative CDU/CSU bloc won Sunday's election by a wide margin, and Chancellor-in-waiting Friedrich Merz said he wanted to quickly form a government to revive the German economy. That will require forming a coalition, most likely with the Social Democrats (SPD) of outgoing Chancellor Olaf Scholz.
The Ifo economic institute said German companies were planning to reduce their workforce across all sectors, with the heaviest job cuts seen in manufacturing, according to a February survey.
With coalition talks about to begin, analysts urged the next government to act by cutting red tape, eliminating bottlenecks in the welfare system and simplifying digital visa processes to bring in foreign workers.
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