— Jun +24k, May +34k, Apr +36k, Mar +41k, Feb +24k, Jan +82k, Dec +64k
FRANKFURT (MNI) – The pace in German employment growth continued to
slow in June, yet the jobless level resumed its downward path, the
Federal Statistical Office reported on Tuesday.
Extending the run of increases to 29 months, June’s 24,000 increase
brought the number of gainfully employed to a seasonally adjusted new
record high of 41.6 million in ILO terms.
Without adjusting for seasonal trends, employment grew by 27,000 to
41.579 million, up 1.2% from one year earlier.
Over the same period, unemployment fell by 20,000 persons to 2.27
million, bringing the jobless rate to 5.4% from 5.5% in May.
Signs are emerging that even Germany’s vaunted labour market, which
has underpinned household morale and kept consumers in a spending mood,
is not immune to the economic malaise in other Eurozone states.
The Ifo institute’s employment barometre fell in July, parring back
all of June’s modest gains to reach its lowest point in nearly a year,
as hiring expectations in the manufacturing and construction sectors
deteriorated.
The latest PMI survey supported Ifo’s findings, showing
manufacturing employment contracting at the fastest pace since early
2010, offsetting further growth in services to leave overall private
sector jobs broadly stable this month.
At 7:55 GMT today the Federal Labour Office will publish July’s
unemployment figures. The median forecasts in an MNI survey of analysts
are for a further rise of 10,000 persons and an unchanged seasonally
adjusted jobless rate of 6.8%.
— Frankfurt bureau: +49 69 720 142: email: frankfurt@marketnews.com —
[TOPICS: M$G$$$,MAGDS$,M$X$$$,M$XDS$]
