Germany Sees Unexpected Surge In Unemployment
Despite the rise in unemployment, the seasonally adjusted jobless rate remained unchanged at 5.9% in May
Joblessness in Germany increased significantly more than anticipated in May, though the unemployment rate held steady for the sixth consecutive month, according to preliminary data from the Federal Labor Agency released on Tuesday.
The seasonally adjusted number of unemployed individuals rose by 25,000 from April, with April's increase revised to 11,000 from the initially reported 10,000.
Economists had predicted an increase of 7,000 in May.
Despite the rise in unemployment, the seasonally adjusted jobless rate remained unchanged at 5.9 per cent in May.
The non-seasonally adjusted unemployment total was 2.723 million in May, down slightly from 2.750 million in April.
"The spring revival didn't really get going this year," said Federal Labor Agency CEO Andrea Nahles. "Unemployment and underemployment did decline in May, but not as sharply as in most previous years."
