German Jobless Increase but Unemployment Rate Unchanged at 6.9%

Unemployment in Germany rose during May, according to the latest set of official figures.

The country’s Labour Office said that, on a seasonally adjusted basis, the number of people out of work increased by around 21,000 to 2.963 million, well above analysts’ expectations.

Bad weather and a relatively high number of public holidays are being blamed for the increase.

However, the jobless rate remained unchanged at 6.9%.

Labour office chief Frank-Juergen Weise insisted that the German job market was “fundamentally sound and is developing solidly in a difficult economic environment”.

Analysts said that while the long, harsh winter was a factor, employers were also still cautious, following concerns about the economic situation in Italy and Cyprus.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza