Data provided by the Federal Employment Agency (FEA) showed that in June, the unemployment rate (seasonally adjusted) increased by 0.1%, to 6% (the highest value since May 2021). Economists had expected the unemployment rate to remain unchanged.
Meanwhile, the number of unemployed grew by 19 thousand, to 2.781 million people, after an increase of 25 thousand in May. Consensus estimates suggested an increase of 15 thousand. In annual terms, the number of unemployed rose by 173 thousand in June.
The report also showed that in June, the number of vacancies decreased by 69,000 compared to June 2023, to 701,000 vacancies.
"The weakness in the labor market continues. Companies are still cautious in their search for new staff," said labor office head Andrea Nahles.