Carsten Brzeski, chief economist at ING, points out that the German unemployment increased by 196,000 in January (not seasonally adjusted), bringing the total number of unemployed to 2.406 million; the highest level since March last year but still significantly lower than in January last year.
Key Quotes
“In seasonally-adjusted terms, unemployment dropped by 2,000, leaving the seasonally-adjusted unemployment rate unchanged at 5.0%. The number of vacancies continued the recent trend of levelling off, dropping to 757,700. To put today’s increase into perspective, it’s still the second lowest January increase of the last 20 years.”
“All in all, the German labour market remains an impressive engine for the entire economy, currently defying all external downside risks and uncertainties. At least for the time being, there is very little reason to see the last, rather stubborn, stronghold of the economy falling.”
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