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  • flashcrashcoming flashcrashcoming Aug 30, 2012 4:42 AM Flag

    German unemployment rises by 9,000 in August


    German unemployment rises by 9,000 in August

    Portfolio Relevance
    By William L. Watts
    FRANKFURT (MarketWatch) -- The number of unemployed German workers grew by a seasonally-adjusted 9,000 in August, the country's Federal Labor Office reported Thursday. The unemployment rate remained steady at 6.8%. Economists surveyed by Dow Jones Newswires had forecast a rise of 8,000. While the rise was small, "employment expectations in the manufacturing sector have entered negative territory, most open vacancies are temporary jobs and several companies have reintroduced short-time work schemes. Obviously not the best climate for a new round of wage increases, consequently boding ill for private consumption," said Carsten Brzeski, economist at ING Bank.

    Sentiment: Strong Sell

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