Latest data released by the Federal Employment Agency - 30 July 2020
- Prior 69.0k; revised to 68.0k
- Unemployment rate 6.4% vs 6.5% expected
- Prior 6.4%
That is a positive development as unemployment actually fell in July as the economy reopens, which paints a better picture of labour market conditions in Germany.
Granted, the state wage/furlough program is still masking the underlying situation, it is still a welcome development regardless for the time being.
The optimists will be hoping that this is reflective of the true nature of the situation, which would mean that the German labour market may have gone through the virus crisis without a truly devastating hit. But we can only wait and see to confirm that.
