German unemployment dropped to record low

The labor market in Germany continues to operate at full speed in March as the unemployment rate surprisingly hit a record low of 5.8% in unexpectedly sharp decline and applications for unemployment benefits.
Applications for unemployment in Germany fell in the third month of the year by 30 000 at the expectations for a more modest decrease by 10,000 after their decline by 17,000 in February.
At the same time the unemployment rate on seasonally adjusted basis fell by 5.9% in February to a new record historic low of 5.8% - the lowest level since the reunification of Germany at the end of 1990. The number of Germans out of work fell in March to 2.556 million from 2.586 a month earlier, holding below the level of 2.7 million for the eleventh consecutive month, as before May 2016 the number had not dropped below this important level since German unification until now.
In seasonally unadjusted terms, the total number of unemployed Germans fell to 2.662 million from 2.762 million in February, while unemployment remained at the February level of 6.3%.
The labor market continues to develop positively. Employment growth continues unabated, the number of unemployed decreased significantly with the onset of spring, and the demand for labor remains strong, analysts say.