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US tariffs, Germany suffers unemployment increase, reaches 6.3% in March
2025-03-31 11:58:27 / EKONOMI&SOCIALE
The German labor market showed new signs of tension in March, as unemployment rose sharply, marking the largest monthly increase since October 2024.
The number of unemployed people rose by 26,000, bringing the total number of unemployed people to 2.92 million, the Federal Employment Agency reported on Friday. The figure exceeded analysts' forecasts, which had predicted an increase of 10,000 people.
In this way, the unemployment rate reached 6.3%, up from 6.2% a month earlier.
Slower spring recovery
"March marks the beginning of the so-called spring recovery in the labor market. However, this year the economic downturn is significantly slowing it down," said Andrea Nahles, head of the Federal Employment Agency.
Germany, which has experienced two consecutive years of economic contraction, is still facing persistent weakness, particularly in industrial production.
Increase in customs tariffs by the US
Germany's economic challenges are most visible in its key auto sector, where companies like Volkswagen are cutting jobs due to falling demand.
The pressure increased further this week after US President Donald Trump announced the imposition of a 25% tariff on imported vehicles, a decision that is expected to hit German manufacturers hard.
Little demand in the labor market
The Federal Employment Agency announced that compared to March last year, the number of job vacancies has fallen significantly. This year there have been 64,000 fewer job vacancies compared to the same period last year, indicating a low demand for labor.
In the last decade, unemployment has remained below 3 million, but current trends suggest that this could change soon./ DW
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