German Unemployment Rises in May Rate Remains Unchanged

German unemployment surprisingly rose in May in adjusted terms, data from the country’s labor agency showed Wednesday.

According to seasonally adjusted data, unemployment increased by nearly 24,000 on the month in May, after falling by nearly 25,000 in April. Economists polled by The Wall Street Journal ahead of the release had forecast a decline of 15,000 in the unemployment total. The adjusted unemployment rate stayed unchanged at 6.7%, in line with expectations.

The increase in adjusted unemployment was largely due to weather factors, the agency said. In unadjusted terms, unemployment actually fell by 61,000 in May. The agency said that this decline was smaller than is usually the case this time of year. “The reason is that unemployment rose less strongly in winter because of the unusually mild weather,” meaning that it then declined faster and earlier. “Therefore, in seasonally adjusted terms, unemployment rose by 24,000,” this month said the agency.

“All in all, the labor market is in good shape,” said Frank-Juergen Weise, head of the labor agency.

via Marketwatch

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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