— Oct +7k, Sep +10k, Aug +1k, Jul +33k, Jun +49k, May +37k, Apr +55k
FRANKFURT (MNI) – Employment in Germany rose to a fresh record high
of 41.082 million in October, while unemployment maintained its downward
trend, the Federal Statistical Office reported on Wednesday.
October’s 7,000-person rise marks the 20th consecutive month of
increase and is likely to support consumer confidence and the recovery
in private consumption going forward.
Over the same period, the number of jobseekers measured in ILO
terms fell from 2.39 million to 2.33 million in October, cutting the
unemployment rate to 5.5% from 5.7% in September.
The Ifo institute’s Employment Barometer for German industry and
trade lost ground in October after a brief recovery in September,
indicating that hiring is likely to be less dynamic than in spring.
However, hiring plans “are still positive,” Ifo said. “Employment
growth is expected to continue at a slower pace.”
Supporting this assessment, the November PMI polls showed private
sector hiring trending upwards “at a solid pace”, with manufacturers
adding staff slightly faster than service providers.
“That said, the latest increase in manufacturing workforce levels
was the least marked since August 2010,” the report noted.
At 8:55 GMT today, the Labour Ministry is scheduled to release
seasonally adjusted jobless figures for November.
— Frankfurt bureau: +49 69 720 142: email: frankfurt@marketnews.com —
[TOPICS: M$G$$$,MAGDS$,M$X$$$,M$XDS$]
