FX.co ★ Germany Unemployment Rate Steady in June

Germany's job market saw its seasonally adjusted unemployment rate remain steady at 6.3% in June, surpassing market expectations which anticipated a slight rise to 6.4%. Despite this stability, the unemployment rate is still at its highest since September 2020. The number of unemployed individuals increased by 11,000, reaching 2.972 million, which is lower than the predicted rise of 15,000. Nonetheless, the unemployment figure is nearing the 3 million mark for the first time in a decade. "The labor market continues to exhibit signs of economic weakness. Unemployment is not improving, and companies are still cautious about hiring," remarked Andrea Nahles, head of the labor office. Additionally, there has been a decline in job vacancies, falling to 632,000 — a decrease of 69,000 compared to the previous year, indicating reduced hiring demand.