German Unemployment Falls Ahead of September Election

German unemployment extended its decline in August, underpinning a robust upswing in Europe’s largest economy less then four weeks before general elections.The number of people out of work fell by a seasonally adjusted 5,000 to 2.532 million, data from the Federal Labor Agency in Nuremberg showed on Thursday. The median estimate in a Bloomberg survey was for a drop of 6,000. The jobless rate remained at 5.7 percent, the lowest level since the country’s reunification.“The labor market continues to develop favorably,” labor agency head Detlef Scheele said in a statement. “Strong employment growth continues and demand from companies for new employees continues to be high.”

Source: German Unemployment Falls as Nation Braces for General Elections – Bloomberg

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.