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FRANKFURT (MNI) – Seasonally adjusted employment in Germany rose in
July for the sixth consecutive month, although the pace continued to
slow after peaking in April, the Federal Statistical Office reported on
Tuesday.
The total number of employed people totaled 40.305 million, up
9,000 on the month, as measured in International Labour Organization
(ILO) terms.
Without adjusting for seasonal variations, the number of employed
fell 0.2% on the month but was up +0.4% on the year at 40.199 million.
“A decline in the number of employed between June and July is
typical for the season and is not a sign of a turnaround of the
positive trend,” the stats offices said.
Leading indicators, including IFO and the European Commission’s
business and consumer survey, point to further improvement in the labour
market.
The latest German Chamber of Commerce and Industry (DIHK) forecasts
put average 2010 unemployment at 3.2 million. “This means the number of
jobless would have fallen to its lowest level since 1992,” DIHK
President Hams Heinrich Driftmann said.
Forecasts for robust employment growth will have been undoubtedly
bolstered by the record 2.2% q/q GDP growth in the second quarter. But
uncertainty about the strength of the recovery going forward may yet
dampen employment expectations ahead, especially since total output
remains well below the pre-crisis level. Nevertheless, the overall
recovery trend should continue.
The national unemployment rate for August is scheduled for release
at 7:55 GMT today. Analysts expect the number of unemployed to decline
by another 20,000.
–Frankfurt bureau: +49 69 720 142: email: frankfurt@marketnews.com
[TOPICS: M$G$$$,MAGDS$,M$X$$$,M$XDS$]
