German Unemployment Climbs As Euro Crisis Escalates


28/06/2012 13:20 AST  RTT News

German unemployment increased in June as firms shed jobs amid the growing uncertainty surrounding the Eurozone debt crisis and the rising threat of contagion to bigger economies.

Data from the Federal Labor Agency revealed that unemployment rose by 7,000 in June from a month earlier compared to expectations for an increase of a more modest 3,000. In May, the number of unemployed persons increased by 1,000.

The unemployment rate remained unchanged at 6.8 percent. The rate for May was revised to 6.8 percent from the previously projected 6.7 percent. The rate has been steady at this level for the seventh consecutive month, according to revised figures.

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