German unemployment picks up slightly

Date: Thursday 28 Jun 2012

Germany's labour market may be starting to feel the effects of the Eurozone crisis; the Eurozone's largest economy saw the number of unemployed persons increase by 7,000 instead of the 3,000 increase expected by the consensus of analysts.

The previous month's reading was revised higher to 1,000 compared to the preliminary "no change" reading.

The unemployment rate stayed steady at 6.8%, above the consensus estimate of 6.7%. The previous month's reading was revised higher by one decimal point to 6.8%.

"Although Germany's economic activity appears to be affected by the Eurozone's crisis, the labour market remains relatively steady. Seasonal factors may contribute to that," said analysts at Digital Look.

"The real test will come as of September. At that point, the German labour market may start to see a greater reflection of the deterioration in the main leading indicators (PMIs, ZEW, IFO)."

FM

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