German unemployment unexpectedly rose for the first time in almost two years as the economic slowdown finally started to take a toll on the labor market. The number of people out of work unexpectedly climbed by 60,000 in May, compared with economists’ forecasts for a decline of 8,000. The jobless rate also rose, to 5% from a record-low 4.9%. The Federal Labor Agency said about two-thirds of the increase was due to reclassification of some people in the statistics, though it also cited the slowdown in Europe’s largest economy. “We are seeing the first signs of a weakening economy on unemployment,” it said on ... (full story)