Germany’s unemployment rate remains stable at 5.9%

The seasonally adjusted jobless rate in Germany was reported at 5.9% for a sixth straight month in May, in line with market expectations.

This has been the highest jobless rate in the EU’s largest economy in three years.

The number of unemployed persons in the country rose by 25,000 to 2.762 million in May. This has marked the 17th consecutive month of rising unemployment.

The figure also exceeded a consensus of analyst estimates of a 10,000 rise.

The Euro was 0.36% weaker on the day against the US Dollar, with the EUR/USD currency pair last trading at 1.0865 ahead of US job openings data for April, due out later on Tuesday.

The major Forex pair has eased from a fresh 11-week high of 1.0916, which it registered earlier in the session.

A slowdown in US manufacturing activity and a surprise drop in construction spending added to the case for earlier interest rate cuts by the Federal Reserve. This led to an over 0.5% retreat in the Dollar against the Euro on Monday.