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German labor market revival softer but still solid - ING

FXStreet (Łódź) - Carsten Brzeski from ING comments on the German employment figures released in the European morning, showing an increase in the number of unemployed people of 13,000 and an unchanged unemployment rate at 6.7%.

Key quotes

"The Fall revival of the German labour market turned out to be softer than normal. This could be the result of several regional states having had their summer vacation until early September and should be no reason to worry."

"In fact, the labour market remains an important backbone of the German economy."

"Earlier today, the statistical office reported that employment had reached a new all-time-high in August."

"Nevertheless, today’s numbers should not deviate from the fact that the German labour market has probably reached its natural level of unemployment. To bring the unemployment rate further down, new structural reforms would be needed."

"Record-high employment, wage increases of between 2% and 3%, low inflation and low interest rates bode all very well for the near-term growth outlook."

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