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German Unemployment Rises More Than Expected
(RTTNews) - Joblessness in Germany increased more than expected in May as a weak economy continued to impede job creation, official data revealed on Wednesday.
The number of unemployed increased sharply by 34,000 in May compared to April's rise of 6,000, the Federal Employment Agency said. Economists expected a monthly increase of 12,000.
The unemployment rate remained unchanged at 6.3 percent in May and matched economists' expectations.
The labor market is not getting the tailwind it needs to reverse the trend; therefore, unemployment figures are likely to continue to rise this summer, the Federal Employment Agency chief Andrea Nahles said.
In April, the adjusted jobless rate remained unchanged at 3.6 percent, the results of the labor force survey, published by Destatis, showed Wednesday. The number of people out of work declined by 3,000 from the previous month to 1.58 million.
Even if the increase in the number of unemployed is gradual, the risk of an underlying loss in disposable income and broader economic prosperity is high, ING economist Carsten Brzeski said.
The German labour market's gradual turn continued, and it showed that restoring private consumption to the German economy will not be easy, the economist added.
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