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Slightly more unemployed in February – but labor market stable

The number of unemployed in Germany rose to 2.

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Slightly more unemployed in February – but labor market stable

The number of unemployed in Germany rose to 2.62 million in February. The Federal Employment Agency announced on Wednesday that this was 4,000 more than in January and 192,000 more than a year ago. The rate remained stable at 5.7 percent.

"Overall, the labor market was stable despite the tense economic situation," said the authority's chairwoman, Andrea Nahles. Without the Ukrainian refugees, unemployment would have increased only slightly year-on-year. For its current statistics, the Federal Agency used data that was available up to February 13th.

Short-time work has recently increased again as a result of the economic strain in Germany. The latest data on how many employees claimed short-time work benefits is available up to December 2022: According to extrapolated data from the Federal Agency, 183,000 people received short-time work benefits this month. From February 1st to 23rd, companies announced short-time work for 61,000 employees. Experience has shown that the number of people who actually go on short-time work is lower.

According to the Federal Agency, the demand for workers has declined in Germany since early last summer. Nevertheless, the need for personnel is still at a high level, it said. In February, 778,000 job vacancies were reported, 44,000 fewer than a year ago.

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