German unemployment rose more than expected in August, showing the first cracks in what had been until now a very resilient labour market.
The Federal Labour Office said on Thursday that the number of people out of work increased by 18,000 in seasonally adjusted terms to 2.63 million. Analysts polled by Reuters had expected that figure to rise by 10,000."The summer break and economic weakness are leaving their mark on the labour market. Nevertheless, it is still in a solid basic condition", labour office head Andrea Nahles said.
Germany's economic situation is currently being portrayed as "the sick man of Europe," a term coined by Berenberg economist Holger Schmieding in 1998. "Germany is now having record employment whereas over the 1990s, employment in Germany was coming down and unemployment was rising," Schmieding said.
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