Unemployment rises faster than expected in May |LAGOS EYE NEWS

Germany’s labor office said on Wednesday that the number of unemployed increased in May by 34,000 in seasonally adjusted terms to 2.96 million, a higher rate than expected by analysts.

The number of unemployed is 197,000 higher than in May last year, the Federal Employment Agency said.

The seasonally adjusted employment rate remained unchanged in May from the previous month at 6.3%, the highest level since December 2015 excluding the pandemic.

The new figures come as the number of unemployed people in Germany approaches the 3 million mark for the first time in a decade.

A total of 634,000 job vacancies were registered with the Federal Employment Agency in May, around 67,000 fewer than a year ago.

DW