Unexpectedly in January, there was a decline in Germany's unemployment rate, as revealed by the data from the Federal Labor Agency on Wednesday.
Instead of increasing, the number of unemployed individuals fell by 2,000, contrasting the increase seen in December of the same amount. It had been projected by economists that unemployment would increase by a sharp margin of 11,000. However, the unemployment rate in January remained at a steady 5.8 percent, which was in line with forecasts predicting the rate to stay the same as the initially estimated rate from December of 5.9 percent.
According to the labor force survey, there were 1.37 million unemployed individuals in December, as Destatis stated. This meant a monthly increase of 5,000 from the previous month. Still, the unemployment rate remained stable at an adjusted 3.1 percent.
