German unemployment rate at 5.6% in May
The seasonally adjusted unemployment rate in Germany came in at 5.6% in May, Bundesagentur fuer Arbeit (BA), the country's Federal Employment Agency, revealed in its report released on Wednesday. The figure came marginally higher than the previous month's reading of 5.7%.
The number of unemployed German residents declined by 42,000 on a monthly basis but increased by 284,000 on an annual one. On a seasonally adjusted basis, unemployment rose by 9,000 compared to the previous month. Meanwhile, underemployment, which takes into account people in relieving labor market policies and short-term incapacity for work, grew by 405,000 year-on-year. On a seasonally adjusted basis, it advanced by 25,000 in comparison to April.
"Despite the weak economy, the labor market is stable overall. Employment growth continues but is losing momentum. Unemployment and underemployment have decreased, but less than usual for May," BA Regions Director Daniel Terzenbach commented.