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Germany: Domestic strength showcased by solid labour market – Deutsche Bank

FXStreet (Delhi) - Research Team at Deutsche Bank, suggest that the German October labour market development highlights the resilience of the domestic economy despite the strong international headwinds (e.g. EM slowdown).

Key Quotes

“The slight decline of the number of unemployed persons in October was in line with market expectations (-5,000 mom to 2.788 mio vs. Reuters consensus -4,000). The unemployment rate remained unchanged at the post-unification low of 6.4% and the harmonized rate stood at 4.5%, which is the lowest among EMU (EMU ex DE: 13.4%).”

“Positive surprise was the continued acceleration of employment growth and the upward revision of the employment level for previous months esp. in the services sector (prev. month revision of employment level + 122,000 or + 0.3pp). After the deceleration of employment growth, esp. at the start of 2015 due to corporations cutting low-paid employment after the minimum wage introduction (-195,000 or -3.9% yoy), it showed a stronger momentum recently.”

“In September employment grew by a healthy 50,000 mom which pushed the 3M mov. avg. to 45,000 and the year-on-year rate to 0.9% - the highest rate since July 2014.”

“Labour demand as measured by the Federal Labour Agency’s job index climbed to a new peak of 202 points in October.”

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