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MNI: GERMAN DATA: Unemployment (Jul 2019) Preview....>

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MNI: GERMAN DATA: Unemployment (Jul 2019) Preview - 08:55 BST
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- Bbg Consensus: +2K, 5.0%; MNI Median: +3K, 5.0%; Previous (Jun): -1K, 5.0%
- Markets expect the UE rate to hold steady for a 2nd month running in Jul...
- ... after it rose in May for the first time in over five years
- But the number of unemployed is anticipated to have risen slightly m/m...
- ... if this continues, the UE rate could soon start to trend higher 
- Indeed, surveys have continued to show a softening in labour market dynamics
- The flash Composite PMI revealed a sharp slowdown in the pace of job creation
across Germany's private sector in Jul (weakest since Apr 2015)...
- ... But the sectoral variation continues to be stark, with the survey
indicating a further marked rise in service sector payroll numbers against an
accelerated decline in manufacturing jobs (the sharpest for seven years)
- With conditions in manufacturing continuing to deteriorate rapidly, the
services sector is coming under increasing strain... 
- ... and is thus likely to see a less robust pace of job creation ahead

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