Thursday, April 29, 2010

German Unemployment for March- 04.29.2010

The unemployment rate was forecasted to be 8.00%. Instead we saw a 7.8% rate this morning. This correlates with a 20 basis point drop in Unemployment from February to March. Sustainable?

According to provisional results of the Federal Statistical Office (Destatis), the number of persons in employment living in Germany amounted to 39.9 million in March 2010. Compared with March 2009, that was a decrease of 138,000 persons or 0.3%. In January and February 2010, the number of persons in employment was 0.4% each below the previous year's level. Consequently, a somewhat slower year-on-year decrease in employment was observed in the reference month of March 2010.

As a result of spring recovery, the number of persons in employment rose by 114,000 or 0.3% in March 2010 on the preceding month. After seasonal adjustment, that is after the elimination of typical seasonal variations, there was a small increase of 12,000 persons (+0.0%) compared with February 2010.

Beyond the first calculation of the number of persons in employment for reference month March 2010, the monthly results on employment published previously were recalculated for the second half of 2009 and for January and February 2010. All sources of employment statistics that became available in the meantime were evaluated for the purpose. The recalculation of the monthly results produced year-on-year rates of change that were only slightly higher or lower than the previous results (deviation of a maximum of 0.1 percentage points at the level of the overall economy).

Patrick M. Ambrus
Managing Partner
Analyze Capital LLC
Twitter: AnalyzeCapital

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