Key insights
- German unemployment rose more than expected in April, surpassing 3 million. The seasonally adjusted jobless rate remained unchanged at 6.4%, but labor office head Andrea Nahles noted the weak spring upturn. Rising unemployment in a major European economy like Germany can signal broader economic weakness, potentially impacting global growth and indirectly influencing US equities through trade and investor sentiment.
By Maria Martinez
BERLIN, April 30 (Reuters) - The number of unemployed people in Germany rose more than expected in April and surpassed the politically important 3 million mark in seasonally adjusted terms.
The jobless figure rose a seasonally-adjusted 20,000 to 3.006 million, labour office figures showed on Thursday. Analysts and economists had predicted an increase of 4,000 in a Reuters poll.
The seasonally adjusted jobless rate stood at 6.4%, unchanged from the previous month.
"There is still no sign of a turnaround in the labour market," labour office head Andrea Nahles said in a statement. "The spring upturn remains weak in April as well."
In seasonally unadjusted terms, a total of 3.008 million people were unemployed in April, a decrease of 13,000 in the number of people out of work from the previous month.
This is the fourth consecutive month that the absolute number of jobless remained above the 3 million mark in unadjusted terms.
In total, 641,000 job openings were registered with the labour office in April, 5,000 fewer than a year ago.
Labour market data typically react with a lag to geopolitical shocks such as the Iran conflict, as companies often wait before cutting hiring or jobs until the economic fallout becomes clearer.