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German Labour Market Sees Solid Recovery

GERMAN DATA
MNI (London)

GERMANY FEB UE RATE (SA) 5.0%; JAN 5.1%

GERMANY FEB UE CHANGE (SA) -33K; JAN -48k

  • German labour data surprised to the upside, pointing towards a continued strong recovery.
  • The unemployment change beat forecasts, falling by 33k and beating the consensus forecast which saw a softer -22k drop for February. This follows the stark January reduction of 48,000 unemployed persons (compared to a projected 6k fall).
  • The seasonally-adjusted unemployment claims rate also inched 0.1% further downwards to 5.0%, also more upbeat than the forecast which expected no change for February.
  • The number of employed persons continues to inch towards pre-pandemic levels, at only 0.2% below that of February 2020.

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