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German jobless rate hits 16-yr low in August

MNB

Germany’s jobless rate fell to a 16-year low in August, showing

Unemployment fell by 40,000 on the month, adjusted for seasonal swings, outpacing the consensus forecast for a drop of 10,000, data from the Federal Labor Office showed on Thursday. “So far the labor market has been unmoved by the weakening in economic momentum,” Labor Office deputy head Heinrich Alt said of the 30th straight monthly drop in unemployment. “The labour market’s basic positive trend is continuing.” The fall took the adjusted jobless rate to 7.6%, its lowest since May 1992, according to Bundesbank data.

However, following a contraction in German gross domestic product (GDP) in the Q2 and a sharp downturn in business sentiment, economists said it was only a matter of time before the situation on the jobs market began to deteriorate. “By the winter a

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