Burton Mills - Germany's Unemployment Falls in May

Burton Mills - Strong employment continues to support Germany's economic upswing.

Burton Mills analysts say Germany’s rate of joblessness reached a record low last month as official data revealed that jobless numbers dropped. Burton Mills analysts believe the data indicates a strong German labor market that has become a major driver of Germany’s consumer-driven upswing.

The seasonally adjusted rate of unemployment dropped by 11,000 which was more than Burton Mills analysts had predicted.

This drop brought the jobless rate down to a record low of 5.2 percent making it the lowest rate of unemployment since Germany’s reunification in 1990.

Burton Mills analysts say that joblessness and underemployment have continued to fall and that demand for labor remains high causing the upward trend in the job market to persist in spite of a slower pace during the colder months.

German Labor Minister Hubertus Heil stated that he hoped to reduce unemployment insurance contributions to 2.7 percent of gross wages from next year. Burton Mills analysts say the savings would amount to a yearly amount of approximately 3.5 billion euros for workers and employers.

Of the 800,000 registered positions of employment available last month, most were full-time, permanent positions. Laborers were mostly required in the building and transportation sectors with a high demand for skilled workers in health care and social work.

The firm labor market will probably continue to bolster further domestic consumer confidence and lift household spending in Germany’s thriving economy. Burton Mills analysts say that domestic demand has exceeded exports as the primary driver of economic growth in recent years.

Contact: Biz City News - Lane 167, Section 8, Minquan East Road, Neihu District, Taipei City, Taiwan 114. info@bizcitynews.com

Source: Burton Mills