German unemployment increases for second month in June

GMT 17:56 2014 Tuesday ,01 July

Arab Today, arab today German unemployment increases for second month in June

German unemployment increases
Berlin - XINHUA

Unemployment in Germany increased unexpectedly for the second straight month in June, signaling that the recovery of the Europe's largest economy would slow down in the second quarter as previously forecast, official data showed on Tuesday.
Adjusted for seasonal fluctuations, the number of jobless Germans increased by 9,000 to 2.92 million people in June. The adjusted unemployment rate remained unchanged at 6.7 percent, said German Federal Labor Agency in a statement.
In unadjusted terms, 49,000 less people were unemployed in June than in the previous month. The Nuremberg-based office said the decrease was normal in spring as economic activities recovered after torpid in winter. The recovery this year, however, was "a little weaker than usual," said Frank-J. Weise, chief of the labor agency.
Bundesbank, the German central bank, has forecast that the economy would "markedly" slow down in the second quarter this year, following a growth of 0.8 percent during the first three months of 2014.
Earlier forecast from economists showed that adjusted unemployment would decline in June. Their expectation was also missed on recent indicator of investors' confidence. The corresponding index measured by Center for European Economic Research (ZEW) dropped for the six consecutive month in June.
The overall economic situation in Germany, however, remained at a stable level, especially when compared with its European fellows.
Also on Tuesday, German Federal Statistical Office said adjusted jobless rate based on concept of International Labor Organization (ILO) in May went down slightly to 5.1 percent. The rate was far below the euro zone's average of 11.6 percent and was the second lowest following Austria.

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