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German jobless claims rise by 21,000 in May

By Investing.com  |  Economic Indicators News  |  May 29, 2013 07:57AM GMT  |   Add a Comment
 
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Investing.com - The number of unemployed people in Germany rose for the third consecutive month in May, while the country’s jobless rate held steady, official data showed on Wednesday.

German jobless claims rise by 21,000 in May
In a report, Germany's Federal Statistics Office said the number of unemployed people rose by a seasonally adjusted 21,000 in May, significantly above expectations for an increase of 5,000.

Jobless claims for April were revised to an increase of 6,000 people from a previously reported gain of 4,000.

The report showed that Germany’s unemployment rate held steady at 6.9% this month, in line with expectations.

Following the release of the data, the euro trimmed gains to trade little changed  against the U.S. dollar, with EUR/USD adding 0.03% to trade at 1.2859.

Meanwhile, European stock markets held on to losses. The EURO STOXX 50 fell 0.9%, France’s CAC 40 declined 0.9%, Germany's DAX dropped 0.9%, while London’s FTSE 100 retreated 1.1%.


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