Thursday, April 29, 2010
Germany's unemployment falls sharply in April
9:08 PM | 
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BERLIN: The German unemployment rate declined significantly to 8.1 percent in April, reflecting a stronger economic recovery, according to government figures released Thursday.
The German unemployment rate declined significantly to 8.1 percent in April, reflecting a stronger economic recovery, according to government figures released Thursday.
Germany's Federal Labor Agency said some 3.4 million people were trying to find jobs, 162,000 fewer than in March. The figure compared with 8.5 percent the previous month.
On a seasonally adjusted basis, the unemployment rate dropped to 7.8 percent, which registered the fifth consecutive monthly decline and the sharpest fall since early 2008.
"There was an unexpectedly strong spring upsurge on the labor market in April. The current trend is encouraging," Labor Agency chief Frank-Jurgen Weise said.
He attributed the unemployment decline to "active labor market policies," referring to the government-backed short work program, which allows companies to cut workers' hours instead of layoffs. The scheme has been extended until March 2012.
The rebounding labor market could be viewed as another sign of recovery in Europe's biggest economy, after Germany's consumer confidence and income expectations for May rose strongly, according to reports released Tuesday by research group GfK.
As exports regained vitality in March and April, Germany's economy began to revive after stagnating during a unusually cold and long winter. The government predicted the country's economy would grow 1.4 percent in 2010, and 1.6 percent in 2011, after a severe 5-percent contraction in 2009, the largest slide since World War II.
The German unemployment rate declined significantly to 8.1 percent in April, reflecting a stronger economic recovery, according to government figures released Thursday.
Germany's Federal Labor Agency said some 3.4 million people were trying to find jobs, 162,000 fewer than in March. The figure compared with 8.5 percent the previous month.
On a seasonally adjusted basis, the unemployment rate dropped to 7.8 percent, which registered the fifth consecutive monthly decline and the sharpest fall since early 2008.
"There was an unexpectedly strong spring upsurge on the labor market in April. The current trend is encouraging," Labor Agency chief Frank-Jurgen Weise said.
He attributed the unemployment decline to "active labor market policies," referring to the government-backed short work program, which allows companies to cut workers' hours instead of layoffs. The scheme has been extended until March 2012.
The rebounding labor market could be viewed as another sign of recovery in Europe's biggest economy, after Germany's consumer confidence and income expectations for May rose strongly, according to reports released Tuesday by research group GfK.
As exports regained vitality in March and April, Germany's economy began to revive after stagnating during a unusually cold and long winter. The government predicted the country's economy would grow 1.4 percent in 2010, and 1.6 percent in 2011, after a severe 5-percent contraction in 2009, the largest slide since World War II.
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