German Unemployment Falls More Than Forecast, Inflation At 6-month High
28 July 2016 - 06:44PM
RTTF2
Germany's unemployment declined more-than-expected in July and
the jobless rate held steady at the lowest level since
reunification, despite heightened uncertainty from "Brexit".
Separate official data showed that consumer prices increased for
a third straight month in July and at the fastest pace in six
months. Both headline inflation and the EU measure rose to 0.4
percent.
The number of people out of work fell by 7,000 from the previous
month to 2.68 million in July, the Federal Labor Agency said
Thursday. Economists had forecast a decrease of 4,000.
The jobless rate held steady at 6.1 percent in July as
economists had expected. This was the lowest since the German
reunification.
The President of the Federal Labor Agency Frank-Juergen Weise
said the labor market continued to develop positively.
According to the labor force survey from Destatis, the
unemployment rate remained stable in June, after falling slightly
in the previous month.
The jobless rate came in at adjusted 4.2 percent in June, the
same rate as in June. In the corresponding month last year, the
unemployment rate was 4.7 percent.
The number of unemployed people decreased to 1.80 million in
June from 1.81 million in the preceding month. A year ago, the
jobless figure totaled 1.95 million.
The employment rate also remained unchanged at 65.7 percent in
June.
The Purchasing Managers' survey from Markit showed that German
companies continued to hire new staff in order to increase capacity
in July. Job creation increased for the 33rd consecutive month.
Service providers reported a particularly strong rise in
employment.
Germany's private sector activity expanded at the fastest pace
in seven months in July, reflecting uninterrupted growth even after
Britons voted to exit the European Union.
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