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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
GERMAN DATA
Today's German labour market data release included a sharp rise in unemployment in October (+30k, vs +14k expected), with the unemployment rate hitting a post-June 2021 high of 5.8%. The report indicated that the labour market is weakening after having been perceived as one of the areas of relative strength in a stagnant German economy. But less noticed was that the Bundesbank revised away the previously reported employment jump in the summer which had seemed at odds with the broadly weak economic landscape.
- August was revised down to negative -10k from what had appeared to be a 6-month high +35k gain, with July revised down to +1k from +17k. In other words employment fell a cumulative -6k in Q3, whereas the pre-revision figures would have indicated a +55k gain.
- This paints a picture of a German job market that is more consistent with a contractionary Q3 (flash GDP printed -0.1% Q/Q) and IFO's employment barometer which has suggested for months that German firms have been increasingly cautious about adding to their workforces.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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