FX.co ★ German Unemployment Rises More Than Forecast

In June, joblessness in Germany increased more than anticipated, according to preliminary figures released by the Federal Labor Agency on Friday. Seasonally adjusted unemployment rose by 19,000 individuals in June, following a 25,000 increase in May. Economists had projected a rise of only 15,000.

The unemployment rate climbed to 6.0 percent, up from the steady 5.9 percent observed over the previous months. Expectations were that the rate would remain unchanged.

The total number of unemployed reached 2.781 million compared to 2.762 million in May. "The labor market remains weak, with both unemployment and underemployment rising noticeably in June on a seasonally adjusted basis," stated Andrea Nahles, Chief of the Federal Labor Agency.

"Companies continue to show reluctance in seeking new staff," she added.