BERLIN (Reuters) – German unemployment fell unexpectedly in September and retail sales rose in August, data showed on Monday, helping to allay concerns that a manufacturing slump is taking its toll on a consumption-driven growth cycle in Europe’s largest economy.
Germany’s export-reliant goods producers are suffering from a slowing world economy and business uncertainty caused by U.S. President Donald Trump’s “America First” trade policies and Britain’s planned exit from the European Union.
Solid - Household - Consumption - Construction - State
Solid household consumption, booming construction and increased state spending so far have helped to cushion those external shocks as consumers benefit from high employment, rising real wages, moderate inflation and low borrowing costs.
Data from the Federal Labour Office showed the number of people out of work fell by 10,000 to 2.276 million in seasonally adjusted terms. That compared with the Reuters consensus forecast for a rise of 5,000.
Office - Joblessness - Figures - August - Rise
The office revised down the joblessness figures for August to a rise of 2,000 from a previously reported increase of 4,000.
The jobless rate in September held steady at 5.0% – slightly above the record-low of 4.9% reached earlier this year.
Labour - Office - Head - Detlef - Scheele
Labour Office head Detlef Scheele said the economic downturn was partly reflected in the joblessness data. “But...
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