Euro - German unemployment falls unexpectedly
Updated: Aug 7, 2023
Some positive news for the Euro last week.
German unemployment unexpectedly declined in July, showing resilience in the labour market despite difficult economic conditions.
The seasonally adjusted jobless rate fell to 5.6%. However, the labour office head noted that excluding Ukrainian nationals, there would have been an increase of 8,000 in jobless numbers due to the weak economic environment.
The unadjusted data saw unemployment rise by 62,000 compared to last year. Job openings have decreased by 108,000 in the past year. Analysts say the "almost invincible" German labour market is showing some cracks, but it's unlikely to have a significant impact on wage negotiations at present.
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