Germany August unemployment change 4k vs 5k expectedPrior 6kGermany August unemployment rate 6.4% vs 6.4% expectedPrior 6.4%
German unemployment rises slightly less than expected in August, bringing the overall figure of unemployed persons to 2.996 million. The jobless rate is seen holding steady and that continues to reaffirm that labour market conditions aren’t exactly deteriorating at a sharp pace in Europe’s largest economy.
Considering the manufacturing slump last year, one can argue that jobs data in Germany has held up modestly during this entire period. And zooming in to the July and August months, the unemployment figures have actually been not too bad this time around. Typically, you’ll see a spike in unemployment due to school leavers and the vacation hiring freeze. However, that doesn’t seem to be too evident this year.
And now, we’ll start to move to the autumn recovery when unemployment is expected to fall a little from a seasonal perspective. That as corporate budgets refresh and business operations return to full capacity after the holidays.
This article was written by Justin Low at investinglive.com.