German Unemployment Declines as Economy Poised for More Growth
- Joblessness slipped 9,000 in May vs estimated 15,000 drop
- Unemployment rate decreased to new record low of 5.7%
An employee polishes a Volkswagen e-Golf electric automobile inside the Volkswagen AG (VW) factory in Wolfsburg, Germany, on Friday, May 20, 2016. Volkswagen AG agreed to raise German workers' pay after labor leaders vowed that employees wont foot the multi-billion-euro bill to resolve its diesel-emissions scandal.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
German unemployment fell to a new record low as Europe’s largest economy continued to power ahead.
The jobless rate dropped to 5.7 percent in May from 5.8 percent, data from the Federal Labor Agency in Nuremberg showed on Wednesday. The number of people out of work slid by a seasonally adjusted 9,000 in May to 2.54 million, compared with a decline of 15,000 forecast in a Bloomberg survey.