- Title: German state data points to inflation slowing in August
- Date: 29th August 2019
- Summary: NUREMBERG, GERMANY (AUGUST 29, 2019) (REUTERS) FEDERAL EMPLOYMENT AGENCY OFFICIALS ARRIVING (SOUNDBITE) (German) FEDERAL EMPLOYMENT AGENCY HEAD, DETLEF SCHEELE, SAYING: "Unemployment and underemployment increased in August. Employment growth continues but loses momentum; and the demand of companies for new employees declined again at a high level. 2,319,000 people were registered as unemployed in August. The unemployment rate was 5.1%." HANDOUT SHOWING UNEMPLOYMENT RATE GRAPH NEWS CONFERENCE (SOUNDBITE) (German) FEDERAL EMPLOYMENT AGENCY HEAD, DETLEF SCHEELE, SAYING: "Overall, the barometer is 101.2 points - still in positive territory. In this respect, we have an inconsistent picture, we have a parallel of a build-up of seasonally adjusted unemployment, but also of employment growth - even in the manufacturing sector. You have to say that." VARIOUS OF HANDOUT SHOWING BAROMETER MEDIA VARIOUS OF SCHEELE SPEAKING (SOUNDBITE) (German) FEDERAL EMPLOYMENT AGENCY HEAD, DETLEF SCHEELE, SAYING (ON THE AFFECT OF BREXIT): "We are not specifically calculating. We also do not know where it will have concrete effects. We anticipate some interrelations in the health sector, that maybe something is happening there - but whether that translates into the unemployment rate at all, we cannot say. We would not give the 'all-clear', but Brexit has consequences for jobs and people in the United Kingdom, not Germany, not Europe." NEWS CONFERENCE ENDING VARIOUS EXTERIORS OF FEDERAL EMPLOYMENT AGENCY
- Embargoed: 12th September 2019 11:15
- Keywords: German unemployment rate Federal Employment Agency Brexit unemployment in Germany German job market German business
- Location: NUREMBERG & COLOGNE, GERMANY
- City: NUREMBERG & COLOGNE, GERMANY
- Country: Germany
- Topics: Economic Events
- Reuters ID: LVA001AU9SSJX
- Aspect Ratio: 16:9
- Story Text:German inflation likely slowed in August from the prior month, state data indicated on Thursday (August 29), sliding further below the European Central Bank's target ahead of its Sept. 12 policy meeting at which fresh stimulus is expected.
Annual inflation in six German states slowed in August from a month earlier, the data showed, with the rate in North Rhine-Westphalia, the country's most populous region, dipping to 1.5 percent from 1.7 percent in July.
The ECB targets inflation of close to but below 2 percent.
Pan-German inflation data for August is due at 1200 GMT.
The ECB has all but promised a stimulus package for its Sept. 12 policy meeting and market expectations have been growing. Investors are already pricing in several rate cuts for the coming year and a fresh round of bond purchases, commonly known as quantitative easing.
ECB Vice President Luis de Guindos said on Tuesday (August 27) the bank must be critical of market expectations for its future policy moves, basing its decision on economic data rather than financial market prices.
The German economy, Europe's largest, contracted on weaker exports in the second quarter, highlighting its Achilles heel due to escalating global trade disputes and waning foreign demand.
German business sentiment also deteriorated more than anticipated in August to hit its lowest in nearly seven years. The unemployment rate was unchanged at 5.0 percent in August, data released on Thursday showed.
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