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German Employment Growth Climbs to 21-Month High

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German employment growth hit a 21-month high in October, marking the sixth straight month of annual increases.

Source: Destatis

EWG is down 0.81% premarket.

An estimated 45.2 Germans were in employment in October, up by 0.1% from the previous month and 0.6% from the same month last year. This is the fastest annual growth since January 2020’s 0.6%.

The number of employed Germans still remains below the pre-COVID-19 levels, down 0.8% or 368,000 from February 2020 before the country was hit by the pandemic.

The latest figure marks the sixth straight month of annual increases, extending the uptrend which has become evident since the summer of 2021. The adjusted unemployment rate stood at 3.3% in October, equivalent to 1.31 million.

Jobless Germans adjusted for seasonal and irregular effects stood at 1.40 million.

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