Aug 30, 2019

Germany's unemployment problem is not improving

Data:; Chart: Axios Visuals
Data:; Chart: Axios Visuals

The number of people who are out of work in Germany increased by 4,000 in August, touching a total of 2.29 million, as signs point toward a recession under the weight of the country's manufacturing collapse.

The big picture: The German unemployment rate has increased in 3 of the past 4 months, including the largest spike in unemployment in May since the financial crisis. In the one month unemployment did not increase, the economy added just 1,000 jobs. The recent turn follows 6 straight years of almost continuous reductions in unemployment — which still remains at a historically low 5%.

Go deeper: Shrinking German economy signals danger for global financial health

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