In June the number of registered unemployed had gone down to everybody's surprise. It was clear that this would change in July. Still this month held another surprise. The figures released today were lower than expected.
The unemployment figure rose by 52,000 (now 3.46 million) according to the monthly statement publich by the "Bundesargentur für Arbeit" on 30.07.2009. Experts expected ca. 100,000.
The delay of the impact of the current recession on the labour market is due to government subsidised "Kurzarbeit" where employees do not get laid off but work shorter hours.
Together with the positive signal from the consumer climate index and the business climate index in July 2009 this is another piece of good news needed so badly right now.
The warnings for the labour market are not gone yet but there is hope for a lower drop and possibly a faster recovery than anticipated so far.
For background information on the development of the German Property Market and opportunities in the rental market please view www.berlin-portfolio.com.
Uwe Falkenberg
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