The number of unemployed people in Germany fell unexpectedly in June, according to data released yesterday by the German Federal Employment Agency, signalling stability in the labour market despite economic challenges.
According to the data, the number of unemployed dropped by 1,000 people to 2.984 million this month, contrary to expectations of a rise of 7,000, while the seasonally adjusted unemployment rate held steady at 6.3%.
Deutsche Bank chief economist Marc Schattenberg told Reuters that the labour market had not gained real momentum in June, noting that the decline in unemployment was in line with seasonal factors, while performance remained broadly flat after seasonal adjustment.