BERLIN, March 28 (Xinhua) -- Germany's unemployed population decreased by 45,000 in March, bringing the total to approximately 2.77 million, its Federal Employment Agency (FEA) said on Thursday.
These indicators showed a lowered national unemployment rate of 6 percent in March.
During a monthly press briefing, FEA Director Andrea Nahles highlighted the ongoing economic challenges. "The economic slump is still impacting the labor market," she said, noting a seasonally adjusted number of jobless people increasing by 4,000.
Year-on-year, the number of unemployed people in March rose by 176,000, marking a 0.3 percent increase.
In a joint report released on Wednesday, Germany's leading economic research institutions slashed their 2024 GDP forecast to 0.1 percent growth, down from 1.3 percent predicted last fall.
Europe's largest economy shrank by 0.3 percent last year, leaving the outlook for the current year's economic growth bleak.
Despite the challenges, the unemployment rate is projected to decline starting this spring, potentially resulting in an annual rate of 5.8 percent for this year. The institute's joint report suggested, "The generally robust labor market is stabilizing the economy, particularly concerning private consumption."
