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German labour market shows very first cracks
German unemployment increased by 62,000 in July, raising the number of unemployed to 2.617 million. The seasonally-adjusted unemployment rate, however, dropped to 5.6%, from 5.7% in June. For those who want to find some sign of weakening in the labour market, today’s report brought some reassurance: the July increase was the second largest July increase of the last 10 years. Compared with last year, unemployment was up by almost 150,000. FIrst cracks in the labour market The strong labour market has been an important driver of the economy’s resilience over the last few years. A combination of fiscal stimulus, ... (full story)