Key facts
- Germany's unemployment rose by 6,000 to 2.99 million in July, exceeding the expected 5,000 increase.
- The seasonally adjusted unemployment rate climbed to 6.4% from 6.3% in the prior month.
- The unadjusted unemployment figure surpassed 3 million.
- Labor office head Daniel Terzenbach noted a continuing weak trend in the labor market, influenced by seasonal factors.
- Another report indicated a smaller increase of 2,000 unemployed to 2.97 million, with the rate holding at 6.3%, but warned of future pressure.
Germany's unemployment figures for July showed a slight increase, exceeding initial expectations. The number of jobless individuals grew by 6,000 to 2.99 million in seasonally adjusted terms, surpassing the 5,000 increase predicted by analysts. Consequently, the seasonally adjusted unemployment rate edged up to 6.4% from 6.3% in the previous month.
Daniel Terzenbach, from the labour office, attributed the rise primarily to seasonal factors and noted that the weak trend observed in recent months is continuing. The overall unadjusted number of unemployed people also crossed the 3 million mark.
However, a separate report indicated a more modest rise of 2,000 unemployed to 2.97 million, with the unemployment rate holding steady at 6.3%. This report also warned that economic weakness is squeezing the job market, with job openings falling by 75,000 compared to the previous year. Economists predict the unemployment rate may climb closer to 6.5% in the coming months.