Economic Buzz: Germany jobless total nears 3 million as unemployment holds at 6.3%

Germany?s jobless rate remained unchanged at 6.3 percent in May, the highest since September 2020 and in line with forecasts. However, the number of unemployed jumped by 34,000 to 2.963 million, far above the expected increase of 10,000. This surge brings the total close to the 3 million mark for the first time in a decade. The labor market continues to weaken despite long-term worker shortages. Job vacancies dropped to 634,000, down by 67,000 from a year earlier, indicating slower hiring activity.

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