German unemployment grows for a fifth consecutive month, increasing by 9,000 to 2.901M vs....


German unemployment grows for a fifth consecutive month, increasing by 9,000 to 2.901M vs. consensus for a rise of 8,000. The jobless rate stays unchanged at 6.8%. "The significant labor market indicators as a whole are developing increasingly weakly. Lower German economic growth is showing here," the Labor Office says.
Comments (3)
  • Bear Bait
    , contributor
    Comments (922) | Send Message
     
    Austerity at work.....
    30 Aug 2012, 07:55 AM Reply Like
  • marketdaddy
    , contributor
    Comments (69) | Send Message
     
    German Austerity? or falling demand resulting from Germany's trading partners? I tend to think it's falling global demand in general, austerity measures (as well as anyone's been able to successfully employ them) aren't of any consequence to Germany's employment numbers.
    30 Aug 2012, 04:34 PM Reply Like
  • Forex Novice
    , contributor
    Comments (19) | Send Message
     
    This goes to show that Germany is coupled with the rest of Europe. As long as Europe is in trouble, it is unlikely that Germany will grow. In the early stages, it may be possible for Germany to grow in the face of contraction in Europe. As the crisis deepens, Germany is likely to follow suit. Today it is rising unemployment (even though its 6.8% figure is better than the US), I would not be surprised to see that German's GDP contraction at the end of the year.
    Furthermore this market perspective will overwhelm Draghi's talk of doing whatever it takes to save the euro. It seems that the euro is on a steady slope of depreciation against major currency especially the USD unless there is decisive and effective measures to break this trend. This reminds me of the analog of the frog in a pot of water that is slowly boiling.
    30 Aug 2012, 10:28 PM Reply Like
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