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Financial News: Germany's Jobless Rate At Record Low

Germany's Jobless Rate At Record Low

05/30/2018 - 05:27:00 (RTTNews)

(RTTNews) - Germany's unemployment rate declined to a record low in May, data from the Federal Labor Agency showed Wednesday.

The unemployment rate fell to 5.2 percent in May, the lowest since German reunification in 1990. The rate was expected to remain unchanged at 5.3 percent.

The number of people out of work decreased by 11,000 to 2.358 million in May. Economists had forecast a decline of 10,000.

"Unemployment and underemployment have declined again, employment within the scope of the social security system continues to rise and labor demand is still high," Labor Office head Detlef Scheele, said.

Data released by Destatis, earlier in the day, showed that the jobless rate dropped to adjusted 3.4 percent in April from 3.5 percent in March. In the same period of last year, the unemployment rate was 3.8 percent.

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