According to the German labor agency, the unemployment count in European powerhouse Germany dropped in June.
Registered unemployment in June dropped by 12,000, the first fall since January, according to reports released. However, the unemployment rate remained the same at 6.8% in June, while analysts predicted the reading would go up slightly to 6.9%.
Germany’s consumer climate went up 6.8 points in July from previous record of 6.5 in June, according to reports from GfK. Data released show that the consumer sentiment advanced due to the strong labor market , showing signs that the economy is recovering at a fast pace.
The ifo Business Climate Index for Germany rose to 105.9 in June, from previous record of 105.7 in May, according to Ifo Institute reports.
The Current Assessment index fell to 109.4 in June, from previous posting of 110.0 in May, according to reports. While the ifo Expectations Index advanced to 102.5 in June, increased from 101.6 in the previous month.
The ZEW index slightly increased to 38.5 points in June, from 36.4 points from previous month.
German’s gross domestic product (GDP) rose by 0.1 percent quarter-on-quarter, in line with the market expectations.
Germany’s adjusted GDP fell 1.4 percent in the first quarter, compared to the previous year, shown in reports from Germany’s statistical office Destatis.
Overrall, Germany’s GDP is expected to increase by 0.4 percent in 2013 and 1.8 percent the year after. Exportation predictions have improved regardless of the external orders for industrial goods, which have dropped.
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