Germany's labor market shows resilience despite manufacturing slump. More:
BERLIN - Germany’s leading economic institutes have lowered their growth forecast for the economy for this year, sources told Reuters on Monday, adding to fears that a recession among export-driven manufacturers is spreading.
The institutes, which will present their new forecasts on Wednesday, expect growth of 1.1% in 2020, one of the two sources said, down from a projection of 1.8% in April. 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 forecast for a rise of 5,000.
FILE PHOTO: Meat products are pictured in a supermarket in Berlin, Germany, August 8, 2019. REUTERS/Fabrizio Bensch/File PhotoLabour Office head Detlef Scheele said the economic downturn was partly reflected in the joblessness data. “But all in all, the labor market is still in a robust shape,” he added.
For the year, retail sales rose 3.2% after an upwardly revised increase of 5.2% the previous month, the data showed. Retail sales are a volatile indicator often subject to revision. Preliminary data from several states released on Monday showed that consumer price inflation slowed in September. It fell to 1.1% from 1.4% in the previous month in Bavaria and dropped to 1.0% from 1.4% in Saxony.
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