Thu Dec 1st, 2005 at 11:46:28 AM EST
from the diaries. Note that French unemployment also fell for the seventh consecutive month last month, the numbers also came out this morning. -- Jérôme
For the first time since 1994, the German unemployment fell in the month of November. Here is a summary of the numbers by Bloomberg:
"German unemployment fell for a seventh month in eight in November as companies hired more part-time workers amid growing signs that Europe's largest economy is picking up steam.
The number of unemployed people, adjusted for seasonal swings, fell by 53,000, the Federal Labor Agency in Nuremberg said today. Economists expected a drop of 20,000, according to the median of 36 forecasts in a Bloomberg survey. The jobless rate fell to 11.5 percent from 11.6 percent.
``The labor market may be in for something of a recovery,'' said Christoph Hausen, an economist at Gothaer Asset Management in Frankfurt, in a telephone interview. ``Large-scale hiring of part-timers and mini-jobbers and broadening economic activity are spurring the recovery.''
In related good news, the German "Bundesagentur für Arbeit" - the responsible for the labor market, reported an increase in the number of open jobs to ca. 400.000. Also the agency managed to bring get an estimated 1. Mio people back into employment or to transfer them from one job into another without getting formally unemployed. Also an increase by 100 percent to 2004. It would be good news if the number of unemployed would stay below the symbolic 5. Mio mark in February.
There may actually be a silver line on the horizon. But I am not economically qualified enough to give a decent analysis.