German unemployment hits highest since mid-2020

(Sharecast News) - The jobless rate in Germany unexpectedly rose in March, reaching its highest level in four and a half years, according to data out on Friday from the Federal Employment Agency. The seasonally adjusted number of unemployed people across the country increased by 26,000 this month to 2.922m, the highest since June 2020.

This compares to the 5,000 gain registered in February and well ahead of the 10,000 increase expected by economists.

As a result, the seasonally adjusted jobless rate rose from 6.2% to 6.3%, marking the highest level since September 2000.

"March marks the start of the so-called spring recovery on the labour market. This year, however, the economic slump is noticeably slowing it down," said Andrea Nahles, the head of the labour office.