SA Unemployment: -55k (pan-German), -38k (West), -17k (East)
MNI survey median: -27.5k m/m
MNI survey range: -40k to -8k m/m
—
FRANKFURT (MNI) – Unemployment in Germany fell for the 13th
consecutive month in March by more than even the most optimistic
analysts had forecast, the Federal Labour Office reported on Thursday.
The 55,000 seasonally adjusted monthly drop reduced the ranks of
the unemployed to 3.005 million and lowered the jobless rate by more
than expected from 7.3% to 7.1%, its lowest level since German
reunification.
Without adjusting for seasonal trends, the unemployment rate
slipped to 7.6% after stagnating at 7.9% in February, reflecting 3.21
million persons actively searching gainful employment, down 102,400 from
February.
Job vacancies in March rose by 9,000, adding to February’s 12,000
gain. Payroll jobs, which lag unemployment data by one month, increased
by 33,000.
Manufacturers polled in the latest Markit Economics purchasing
manager index (PMI) reported a sharp rise in staffing levels in the
sector in March, lifting the PMI sub-index figure to its highest level
on record (60.6) and highlighting “continued confidence in the
underlying outlook for business activity,” said Markit senior economist
Tim Moore.
“Stronger labour market conditions should also have a positive
impact on the service economy by supporting domestic consumption in the
months ahead,” he added.
Earlier this week, a European Commission survey highlighted the
decline in jobless fears in Germany, while the latest GfK consumer
climate report pointed to the “sustained positive development in the
labour market” in explaining the robust level in income expectations,
which had declined only modestly this month due to growing inflation
fears.
— Frankfurt bureau: +49 69 720 142, email: frankfurt@marketnews.com —
[TOPICS: M$G$$$,MAGDS$,M$X$$$,M$XDS$,MT$$$$]
