German unemployment falls more than expected in May

Unemployment in Germany fell more than expected in May, according to data released by Destatis.

The number of unemployed people fell by 11,000 to 2.695m, versus economists’ expectations of a 5,000 drop.

Meanwhile, the unemployment rate nudged down to 6.1% – its lowest level since reunification – compared with expectations for it to remain unchanged at 6.2%.

“We’re running out of superlatives to describe these data, as the German labour market, literally, continues to break records on a monthly basis,” said Pantheon Macroeconomics.

“These data tell a story of a remarkably resilient labour market, and strong foundations for German household consumption and sentiment. Survey data, however, suggest that unemployment claims will rise soon.”