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German unemployment rate falls to new record low

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Investing.com - Germany's unemployment rate fell to a fresh all-time low in May, while the number of unemployed people fell for the eighth month in a row, boosting optimism over the health of the euro zone's largest economy, official data showed on Wednesday.

In a report, Germany's Federal Statistics Office said its jobless rate fell to a seasonally adjusted 5.7% in May, beating expectations for it to remain stable at 5.8%.

Additionally, the number of unemployed people fell by a seasonally adjusted 9,000 from a month earlier, compared to forecasts for a drop of 15,000. Jobless claims fell by 15,000 in the previous month.

Immediately following the report, EUR/USD was trading at 1.1182 compared to 1.1183 ahead of the release, while EUR/GBP was at 0.8733, compared to 0.8731 earlier.

Meanwhile, European stock markets continued to show mixed trade. Germany's DAX gained 0.11%, the benchmark Euro Stoxx 50 rose 0.15%, France's CAC 40 dropped 0.09%, while London's FTSE 100 traded up 0.25%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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