Carsten Brzeski, chief economist at ING, notes that the German unemployment dropped by 71,600 in March (not seasonally adjusted), bringing the total number of unemployed down to 2.301 million, the lowest March reading since reunification.

Key Quotes

“In seasonally-adjusted terms, unemployment dropped by 7,000, bringing the seasonally-adjusted unemployment rate down to 4.9%. The number of vacancies increased for the second month in a row and stood at 797,500, from 757,700 in January. For those looking for some signs of weakness, this year’s March improvement was the weakest March improvement since 2016.”

“For the time being, the labour market remains a perfect insurance against any recession fears. With unemployment numbers at record lows, the number of vacancies and employment at record highs, low inflation and higher nominal wages, private consumption should be a growth driver this year, unless global uncertainties start denting consumer sentiment and lead to precautionary savings.”

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