Germany's Unemployment Falls to 6.3% amid Pandemic

The number of unemployed people in Germany fell for the third month in a row, a positive sign for household spending that is expected to drive the recovery in Europe's biggest economy during the corona crisis.

The Labor Office said the number of the unemployed people fell to 2.907 million, cutting the rate to 6.3% from 6.4% in the previous month.

Also, the number of part-time workers fell to 4.24 million in July from a peak of 6 million in April at the height of the crises. In Germany, part-time jobs helped the labor market escape the pandemic fallout.

In August, Germany's seasonally adjusted harmonized unemployment stood at 4.4 percent in August 2020, unchanged from a month earlier.

That was the highest jobless rate since February 2016, as the number of unemployed rose by 0.5% from the previous month to 1.96 million while employment was almost unchanged at 42.25 million.