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FRANKFURT (MNI) – Seasonally adjusted employment in Germany rose in
June for the fifth consecutive month, though the pace continued to slow
after peaking in April, the Federal Statistical Office reported on
Wednesday.
As a result, the total number of employed people came to 40.297
million, up 32,000 or 0.1% on the month, as measured in International
Labour Organisation (ILO) terms.
Without adjusting for seasonal variations, the number of employed
climbed 0.1% on the month and +0.3% on the year to 40.264 million.
Leading indicators point to further improvement in the labour
market. The Ifo institute’s employment barometer, which measures firms’
hiring plans for the coming six months, remains well above its
historical average.
“The labour market is increasingly freeing itself from the economic
crisis,” Ifo said.
In early June, Germany’s industry association DIHK forecast a
decline in the number of short-time workers to 100,000 by the end of
this year, compared to 830,000 at the end of March.
Still, the same labour hoarding that allowed the German labour
market to avoid any notable drop in employment levels during the
economic slump could also limit future job creation.
Additionally, “owing to the need for fiscal consolidation, fewer
new jobs will be created by public and private service providers,” the
Bundesbank warned in its most recent monthly bulletin.
“As a result, there could be a slight decline in overall
employment,” the central bank added.
The national unemployment rate for July is scheduled for release at
7:55 GMT today. General expectations are for the jobless rate to slip to
7.6%, reflecting a decline in the seasonally adjusted number of
unemployed of 23,000.
— Frankfurt bureau: +49 69 720 142: email: frankfurt@marketnews.com —
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