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Germany: Robust labour market is a success theme for 2015 - ING

FXStreet (Delhi) – Carsten Brzeski, Research Analyst at ING, notes that the latest numbers of German unemployment shows that the success story of the German labour market does not only hold for a couple of lucky ones but is actually spreading across the entire market.

Key Quotes

“German unemployment dropped by a non-seasonally adjusted 87,600 in September, bringing the total number of unemployed down to 2.708 million. In seasonally-adjusted terms, unemployment increased by 2,000, leaving the seasonally-adjusted unemployment rate unchanged at 6.4%.”

“The late-summer revival of the German labour market turned out to be softer than normal. In fact, today’s September numbers are the worst September performance of the German labour market since 2002. However, in our view, this is probably the effect of the summer vacation ending in September in more regional states than normally and not a sign of a structural weakening of the labour market.”

“Last year, the number of people working in so-called “normal” employment conditions, ie mainly full-time working hours, increased by more than 450 000 jobs. In the same period, the number of low-wage jobs came down. A clear indication that despite constant headline numbers, the German labour market is still evolving positively.”

“Looking ahead, and despite the uncertainty stemming from the Volkswagen crisis, the prospects for the German labour market remain bright. All in all, the German labour market will remain an important growth driver this year and beyond. The challenges ahead, however, are much bigger than the relatively dull and constant data from today’s report suggest.”

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