German slowdown leaves job boom untouched

According to Federal Labour Agency, the unemployment rate remained at 5.0%

FRANKFURT AM MAIN: The jobless rate in Germany held steady in January even as signs of a slowdown in Europe's powerhouse economy mounted, official data showed on Thursday.

The unemployment rate was 5.0 per cent, the Federal Labour Agency (BA) said in seasonally-adjusted figures, the same level as the previous two months.

In absolute terms -- less indicative of long-term trends but closely followed in public debate -- 196,000 more people were unemployed in January than December, at 2.4 million.

Nevertheless, "German firms' demand for new workers remains at a very high level," BA chief Detlef Scheele said in a statement.

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The country's labour market has continued tightening even while economic growth has slowed.

Economic growth fell from 2.2 per cent in 2017 to 1.5 percent last year, while government economists on Wednesday predicted a gain of just 1.0 per cent in 2019.

But the economy ministry in Berlin said domestic demand should continue supporting employment, with an average 4.9 per cent jobless rate and 4.8 per cent growth in incomes expected this year.