German Unemployment Climbs Less Than Expected In June
(RTTNews) - Joblessness in Germany rose in June but at a slower than expected pace, official figures revealed on Tuesday, as activity in the biggest economy in the euro area remains sluggish.
The seasonally adjusted number of unemployed rose by 11,000 from the previous month, the Federal Employment Agency said, which was smaller than the 15,000 increase economists had forecast. The jobless figure was 188,000 higher from the same month last year.
The increase in May was revised down to 33,000 from 34,000.
The seasonally adjusted jobless rate was steady at 6.3 percent in June, following a revision to May's original figure of 6.2 percent.
The non-adjusted unemployment total fell by 5,000 to 2.91 million in June.
"The labor market continues to show signs of economic weakness," Andrea Nahles, chairwoman of the Federal Employment Agency, said.
"Unemployment continues to develop unfavorably. And the willingness of companies to hire remains low," the official added.
Elsewhere on Tuesday, results of the latest S&P Global purchasing managers' survey showed that German manufacturers continued to trim staff levels in June, extending the current sequence of job cuts to two years. The pace of job shedding accelerated for the first time in four months and was the fastest recorded since February, the PMI survey said.
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