German Unemployment expected to have Fallen by 11k in May

The number of unemployed in Germany in May is expected to have declined by 11 thousand, following a drop of 8K thousand in April. The unemployment rate is expected to remain stable at its historical low of 6.4%. The outlook remains robust for the German labour market, although some weaker data is likely to result in a more moderate pace of expansion. Vacancies have continued to rise to new historical highs, albeit at a slower pace over the past three months. The composite PMI employment survey also bounced back in May to 52. All in all, the conditions remain favourable for continued labour market tightness, rising wages and continued strong household spending.

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