Global| Sep 04 2003Labor Markets Stabilize in Germany and Italy
Summary
Labor market data for Germany and Italy show employment flat to down slightly in the two countries, but modestly divergent trends in the unemployment rates. Employment in Germany continues to drift lower, but looks to be stabilizing [...]
Labor market data for Germany and Italy show employment flat to down slightly in the two countries, but modestly divergent trends in the unemployment rates. Employment in Germany continues to drift lower, but looks to be stabilizing during the spring after a protracted decline. The last month to show an increase was November 2001, and the peak was 39,958 thousand in May 2001. In Italy, employment in large industrial companies continues to decrease, but service sector jobs turned higher beginning last November and have climbed gradually through June.
Correspondingly, unemployment is inching downward in Italy, and through June was extending a decreasing trend that began in early 1999. Germans, by contrast, are likely pleased that their unemployment rate seems to have stopped rising. From May 2001 through April this year, the rate was up 1.5 percentage points to 10.7%, but after a down-tick in May has been flat at 10.6% for the last four months. Perhaps the stabilization of both employment and unemployment in Germany point to better labor market conditions ahead.
| Seasonally Adjusted | August2003 | July 2003 | June2003 | Q2 2003 | Q1 2003 | Year-Ago Period |
|---|---|---|---|---|---|---|
| Germany: Unemployment Rate | 10.6% | 10.6% | 10.6% | 10.6% | 10.5% | 9.7% (Aug 2002) |
| Germany: Employment (thous) | n.a. | n.a. | 38,084 | 38,106 | 38,236 | 38,704 (June 2002) |
| Germany: Employment (thous) | n.a. | n.a. | n.a. | 8.8% | 8.9% | 9.0% (2nd Qtr 2002) |
| Italy: Employment in Industry* | n.a. | n.a. | 90.7 | 90.8 | 91.6 | 93.1 (June 2002) |
| Italy: Employment in Services* | n.a. | n.a. | 98.8 | 98.7 | 98.7 | 98.5 (June 2002) |
Carol Stone, CBE
AuthorMore in Author Profile »Carol Stone, CBE came to Haver Analytics in 2003 following more than 35 years as a financial market economist at major Wall Street financial institutions, most especially Merrill Lynch and Nomura Securities. She has broad experience in analysis and forecasting of flow-of-funds accounts, the federal budget and Federal Reserve operations. At Nomura Securites, among other duties, she developed various indicator forecasting tools and edited a daily global publication produced in London and New York for readers in Tokyo. At Haver Analytics, Carol is a member of the Research Department, aiding database managers with research and documentation efforts, as well as posting commentary on select economic reports. In addition, she conducts Ways-of-the-World, a blog on economic issues for an Episcopal-Church-affiliated website, The Geranium Farm. During her career, Carol served as an officer of the Money Marketeers and the Downtown Economists Club. She has a PhD from NYU's Stern School of Business. She lives in Brooklyn, New York, and has a weekend home on Long Island.
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