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Financial News: German Unemployment Rises More Than Forecast

German Unemployment Rises More Than Forecast

06/04/2024 - 09:03:00 (RTTNews)

(RTTNews) - Germany's unemployment increased more than expected in May as the economic recovery was not sufficient to bring a marked improvement in the labor market.

The increase in the number of people out of work more than doubled to 25,000 in May, data from the Federal Labor Agency showed Tuesday. This follows an increase of 11,000 in the previous month, which was revised up from 10,000.

Unemployment was expected to rise again by 10,000 in May.

The unemployment rate held steady for the sixth successive month, at an adjusted 5.9 percent in May, and matched economists' expectations.

On an unadjusted basis, the unemployment decreased 27,000 to 2.72 million in May, data showed.

Job openings plunged 65,000 from the previous year to 702,000 in May. The spring recovery did not 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, she added.

According to the labor force survey results, released by Destatis, the unemployment rate held steady at adjusted 3.2 percent in April. The number of unemployed decreased only 1,000 or 0.1 percent on month to 1.42 million.

The unadjusted unemployment also totaled 1.42 million. This was up by 67,000 or 4.9 percent from April 2023.The jobless rate rose to 3.2 percent from 3.1 percent last year.

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