German unemployment declined for an eighth month in May as companies increased hiring in a sign of confidence that Europe’s largest economy will continue growing.
Joblessness fell a seasonally-adjusted 6,000 to 2.79 million, the Federal Labor Agency in Nuremberg said on Tuesday. Economists had predicted a drop of 10,000. The unemployment rate remained at 6.4 percent, the lowest level since German reunification.
Germany’s economy will probably continue to expand in the coming months, supported by consumer spending even as manufacturing remains sluggish, according to the Bundesbank. Business confidence remains strong and the country is poised to benefit from an accelerating recovery in the euro area, its largest trade partner.
Chosen excerpts by Job Market Monitor. Read the whole story at German Unemployment Declines for Eighth Month as Recovery Firms – Bloomberg Business.
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