Latest data released by the Federal Employment Agency - 29 October 2020
- Prior -8.0k; revised to -10.0k
- Unemployment rate 6.2% vs 6.3% expected
- Prior 6.3%
German unemployment fell by much more than estimated in October, reflecting a firmer recovery in labour market conditions amid the first wave of the virus pandemic.
As mentioned before though, the government's furlough program has masked a lot of the downside effects but this is still a slight positive takeaway in the wake of all the pessimistic developments involving the second wave of infections across the region.
That said, all of this comes before 'lockdown light' has taken effect so we'll see how November plays out to be and reassess the situation in the next month.
