Germany Unemployment Rate Steady in June

Germany’s seasonally adjusted unemployment rate held steady at 6.3% in June, below market expectations of 6.4% but remaining at the highest since September 2020.

The number of unemployed rose by 11,000 to 2.972 million, less than the 15,000 increase expected.

Still, the number of unemployed people is close to the 3 million mark for the first time in a decade.

"The labour market continues to show signs of economic weakness.

Unemployment continues to develop unfavourably.

And companies remain reluctant to hire," said labour office head Andrea Nahles.

The number of job openings fell to 632,000 , down 69,000 from a year earlier, signaling slower hiring demand.