Latest data released by the Federal Employment Agency - 1 July 2020
- Prior 238.0k; revised to 237.0k
- Unemployment rate 6.4% vs 6.5% expected
- Prior 6.3%
Joblessness in Germany rose for a third straight month and to its highest level in nearly five years, with Q2 job losses amounting to 678k following the lower-than-expected 69k headline figure for the month of June.
The thing to note here is that despite the lower-than-expected unemployment change, a lot of this is due to generous state wage support helping to prevent job redundancies.
It'll be more telling on economic conditions and underlying labour market conditions in the coming months, but for now at least things aren't as bad as they seem to be.
