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Financial News: German Unemployment Rises More Than Expected, Jobless Rate

German Unemployment Rises More Than Expected, Jobless Rate Steady At 5.9%

06/04/2024 - 08:02:00 (RTTNews)

(RTTNews) - Joblessness in Germany grew much more than expected in May, while the unemployment rate remained steady for a sixth month in a row, preliminary data from the Federal Labor Agency showed Tuesday.

The seasonally adjusted number of unemployed rose by 25,000 persons from April. The increase for April was revised to 11,000 from the originally reported 10,000.

Economists had forecast unemployment to grow by 7,000 in May.

The seasonally adjusted jobless rate was unchanged at 5.9 percent in May.

The non-seasonally adjusted jobless total was 2.723 million in May versus 2.750 million in the previous month.

"The spring revival didn't really get going this year," the Federal Labor Agency CEO Andrea Nahles said. "Unemployment and underemployment also fell in May, but not as sharply as in most previous years."

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