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Thursday, July 31, 2008

German Employment Growth Continues To Slow In June

In June the number of persons in employment in Germany was 40.20 million, according to the latest data from the Federal Statistics Office, an increase by 564,000 persons (+1.4%) when compared with June 2007. Compared with May, the number of persons in employment was up by 35,000 (+0.1%). So the trend of a slightly decelerating rise in employment continues, which was also observed in the last few months. The rate of job creation reached its maximum in October 2007, and has been slowing steadily since.

Slightvariations are occuring in the data at the present time, since the Federal Statistics Office is conducting a revision of the national accounts, and previous provisional monthly, quarterly and annual employment results are being recalculated from the year 2004. All additional sources of employment statistics that had become available by the time of the current calculation were incorporated into the employment accounts.

German unemployment, which has been enjoying its longest decline since reunification in 1990, fell at a slower pace in July reflecting the general slowdown in the economy. The number of people out of work, adjusted for seasonal swings, dropped 20,000 in July to 3.25 million after falling 38,000 in June, the Nuremberg-based Federal Labor Agency said today. According to the latest ILO comparable data, Germany's jobless rate was 7.3 percent in June.

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