German unemployment rises more than expected

(Sharecast News) - The jobless rate in Germany held steady for the seventh straight month in September, though unemployment levels still rose more than expected. According to Destatis, the country's federal statistical office, seasonally adjusted unemployment rose by 14,000 this month to reach 2.98m, higher than the 8,000 increase expected by economists.

Nevertheless, the adjusted jobless rate was unchanged at 6.3% - a level it has been at since March, matching the highest rate seen since September 2020.

In non-adjusted terms, the number of people unemployed topped the 3m mark in Germany for the fist time in time years in August amid ongoing economic weakness.

Joblessness has risen sharply since the middle of 2022, when the unemployment rate reached a cyclical low of 5.0%.