Financial News: German Unemployment Rises More Than Forecast

German Unemployment Rises More Than Forecast

06/28/2024 - 10:56:00 (RTTNews)

(RTTNews) - Joblessness in German grew more than expected in June and the unemployment rate edged up, preliminary figures from the Federal Labor Agency showed Friday. The seasonally adjusted unemployment grew by 19,000 persons in June following a 25,000 increase in May. Economists had forecast a rise of 15,000.

The jobless rate rose to 6.0 percent after holding steady at 5.9 percent in the past few months. The rate was expected to remain unchanged.

The number of unemployed totaled 2.781 million versus 2.762 million in May. "The weakness in the labor market continues, with unemployment and underemployment rising noticeably in June on a seasonally adjusted basis," Federal Labor Agency Chief Andrea Nahles said.

"Companies continue to be reluctant to look for new staff."

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