The latest German unemployment numbers for January were released on Tuesday and the results were well beyond what most economists were predicting, as the jobless rate declined to 6.2-percent, the lowest number since Germany reunified.
When surveyed by Bloomberg, economists were predicting the drop in the number of people out of work to be only 8,000, but the actual decline far beyond that at 20,000 people.
Germany’s unemployment numbers have seen a steady decline since its peak in 2005 and it shows that despite struggling economic conditions throughout most of the world, Germany is holding strong on its own. Concerns over the surge in migrants, which topped 1 million last year, also don’t hold up when it comes to the country’s employment.
According to Bloomberg, Germany’s rise in employment has been fueled by a rapid increase in women entering the workforce over the last 10 years. Between 2005 and 2014, the number of women holding jobs increased 10 percent to about 73 percent.
There are still concerns over whether or not this trend will continue as German manufacturing recently hit a three-month low and exports are expected to see a significant downturn as well. Domestic spending will need to cover this growth if Germany wants to keep their economic numbers looking strong.
Photo: Bundesagentur für Arbeit