German unemployment steady at 6.4% in February

Unemployment in Germany declined by a marginal 3,000 on the month in February but rose 175,000 on the same month last year, the Federal Employment Agency (BA) reported from Nuremberg on Friday.

The BA put the joblessness rate at 6.4%, unchanged on the month, with 2.989 million people out of work. On a seasonally adjusted basis, unemployment rose by 5,000 on the month.

"The weak economy remains visible on the labour market in February," BA executive board member Daniel Terzenbach said.

The BA posted a rise in the number of people on so-called short-time work, with the latest figures available from December showing 222,000 receiving state compensation for working fewer hours. That figure reached 6 million during the pandemic.

Vacancies declined to 639,000 in February, 67,000 down on the year, in a further indication of a weak economy.

The number of people employed on contracts paying social contributions rose by 12,000 between November and December to 35 million on a seasonally adjusted basis, 80,000 up on the year.