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German Job Market Braves Ukraine Crisis

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  • Why it matters

    Why it matters

    The robust jobs outlook is good for Germany’s Federal Employment Agency, which could turn a projected budget deficit into a big surplus.

  • Facts


    • Germany’s number of unemployed rose slightly in August, to about 2.9 million, due in part to summer vacations.
    • In August, employment agencies reported 515,000 job openings.
    • Economists now consider a €1 billion, or $1.3 billion surplus as realistic for the German Federal Employment Agency.
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Although the number of unemployed rose 30,000 in August to 2.9 million, the outlook for the German job market remains good, said Frank-Jürgen Weise, head of the German Federal Employment Agency.

The slight jobless rise in his agency’s monthly report was due to seasonal factors. Summer vacations started later this year and continued into August, he said. Seasonally adjusted, the number of unemployed was up by about 2,000.

According to the federal employment agency, the Ukraine crisis has not yet hurt the job market.  Overall, Mr. Weise said, employment is continuing to grow in Germany “and that is still a very good sign.”

In the first seven months of 2014, the economy added 260,000 new jobs – in particular, jobs with mandatory social security insurance contributions. The number in June was about 550,000 higher than in the previous year. Revised data from previous months showed that already in April, the total number of insurance-contributing jobs surpassed 30 million.

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