German Unemployment Unexpectedly Rises Amid Euro Crisis
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German unemployment unexpectedly rose in March as renewed tensions in financial markets increased concerns the euro region’s recovery will falter.
The number of people out of work increased a seasonally adjusted 13,000 to 2.94 million, the Nuremberg-based Federal Labor Agency said today. Economists had predicted a decline of 2,000, according to the median of 24 estimates in a Bloomberg News survey. The adjusted jobless rate held at 6.9 percent, slightly above a two-decade low of 6.8 percent.
The euro area, the country’s largest export market, remains mired in recession and Cyprus’s botched bailout is weighing on confidence. Sentiment among entrepreneurs fell from a 10-month high in March and manufacturing output unexpectedly dropped. Still, the Bundesbank expects the German economy will return to growth in the current quarter after shrinking 0.6 percent in the final three months of 2012.
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