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Financial News: Germany Unemployment Falls In May

Germany Unemployment Falls In May

05/31/2022 - 08:09:00 (RTTNews)

(RTTNews) - Germany's unemployment declined in May despite the war in Ukraine and supply bottlenecks, data released by the Federal Employment Agency revealed on Tuesday.

The number of people out of work dropped 4,000 in May from April, when the decline was 13,000. Economists had forecast a sharp decline of 16,000.

The jobless rate remained unchanged at 5.0 percent in May and matched economists' expectations.

Employment continues to increase and the demand for new workers remains at a very high level, Detlef Scheele, head of the agency said. However, the Russian war against Ukraine and supply bottlenecks weighs on the prospects.

Elsewhere, data from Destatis showed that the jobless rate remained unchanged at seasonally adjusted 3.0 percent in April.

According to the calculation based on the labor force survey, the number of unemployed decreased by 12,600 to 1.30 million. On an unadjusted basis, the unemployment rate was 3.2 percent in April versus 3.9 percent in the previous year.

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