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German Labour Market holds strong through April

GERMAN DATA
MNI (London)

GERMANY APR UNEMPLOYMENT RATE (SA) 5.0%; MAR 5.0%

GERMANY APR UNEMPLOYMENT NET CHANGE (SA) -13K; MAR -18K

  • German unemployment data saw a fall of -13k of net unemployment in April, down 5k less than in March and a slightly more moderate reading than the 15k forecasted.
  • This is the lowest reading in 12 months as the labour market becomes saturated, leaving the unemployment claims rate unchanged at 5.0%, on par with the pre-pandemic early 2020 level.
  • In March, German employment exceeded the pre-crisis level by 0.1%. The April data highlights the strength of the German labour market despite new downside risks to growth associated with the onset of the Ukraine war.

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