German unemployment: mixed signals

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German unemployment figures improved slightly, with the percentage of unemployed declining by 1.5% YoY while unemployment increased 1.1% compared to the previous month, underemployment increased by 0.1%, according to the latest figures released by the German Federal Employment Agency.

The percentage of unemployed of Germany’s working population is now at 6.7%, representing a slight decline compared to the previous year, while the percentage of underemployed now lies at 8.5%.

The figures have been anticipated as Germany recorded an unexpected decline of GDP to -0.2% for Q22014 and the ifo business confidence index reported a 13 month low.

According to the German Federal Employment Agency, in the light of deteriorating macroeconomic data, these figures should be seen as generally positive. This is in line with the latest ifo poll, which reports that the willingness to recruit over the next three months is increasing.

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