Germany’s Unemployment Rate Drops Again in August as Recovery Continues

Official data revealed on Tuesday, August 31, that the unemployment rate in Germany fell more than expected in August, as the recovery continued in Europe’s largest economy despite the increase in Covid-19 infections.

The Ministry of Labor stated that the number of unemployed decreased by 53,000, after adjusting for seasonal factors, to 2.538 million. A Reuters poll forecast a drop of 40,000.

The seasonally adjusted unemployment rate fell to 5.5%, the lowest since March 2020, when Germany began its first coronavirus lockdown.