SA Unemployment: -8k (pan-German), -10k (West), +2k (East)
MNI survey median: -16k m/m
MNI survey range: -30k to -5k m/m
—
FRANKFURT (MNI) – The ranks of the unemployed in Germany declined
less than generally expected in June, as a rebound in the eastern states
partially offset a further fall in the west, the Federal Labour Office
reported on Thursday.
Adjusting for seasonal trends, the jobless rate was unchanged at
7.0% as expected, with 2.967 million persons — 8,000 fewer than in May
— actively searching for work.
In unadjusted terms, 2.893 individuals were counted as unemployed,
down 67,000 from May, lowering the jobless rate to 6.9% from May’s 7.0%.
Job vacancies were up 2,000 in June, matching May’s increase.
Payroll jobs, for which only May data are available, jumped by 34,000,
after May’s 30,000 rise.
The June PMI poll showed service sector employment rising at the
fastest pace since late 2007. This offset a slowdown in industry hiring
to boost job creation in the private sector to a three-month high.
The European Commission expects the unemployment rate to fall from
an average of 7.1% last year to 6.4% this year and to 6.0% in 2012.
Less optimistic, the Bundesbank has forecast this year’s jobless
rate at 7.0%, equivalent to 2.9 million individuals actively searching
for work. Unemployment is projected to decline by one million in 2012,
lowering the jobless rate to 6.5%.
Positive labour market developments have lifted consumers’ spirits,
offsetting concerns about the crises in Japan, the Middle East and
Greece, the GfK Group said this week, predicting that the “slight”
downward trend in household sentiment “has come to an end.”
— Frankfurt bureau: +49 69 720 142, email: frankfurt@marketnews.com —
[TOPICS: M$G$$$,MAGDS$,M$X$$$,M$XDS$,MT$$$$]
