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.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at firstname.lastname@example.org. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.