German unemployment change rose at 9k vs -5k (exp)

July 30, 2015

German jobless numbers unexpectedly rose in July, with the seasonally adjusted total up 9K over the month, leaving the jobless rate at a very low 6.4%. Jobless numbers remain down 99K over the year. The German labour market still looks tight and this has contributed to a wave of industrial action this year and wage gains will be sizeable, which adds support to consumption trends in the short run, but will also boost inflation pressures, while undermining German competitiveness in the medium term.

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