Tuesday brought German and Spanish Unemployment Change data as well as Eurozone Unemployment rate figures. Germany’s unemployment rate unexpectedly fell to a record low in January, in a sign that economic sentiment in Europe’s largest economy is withstanding the tumult in global markets. The jobless rate fell to 6.2%, the lowest level since German reunification, from 6.3%, data from the Federal Labor Agency in Nuremberg showed on Tuesday. The number of people out of work declined by a seasonally adjusted 20,000 to 2.73 million. Economists predicted a drop of 8,000. “The good development of the job market has continued at the beginning of the year,” Frank-Juergen Weise, president of the labor agency, said in a statement.
The number of unemployed people in Spain rose for the first time in three months in January, renewing concerns over the health of the euro zone’s fourth largest economy, official data showed on Tuesday. In a report,
Spain’s Employment Ministry said the number of unemployed people increased by a seasonally adjusted 57,200 last month, below expectations for a gain of 71,200. The number of unemployed people declined by 55,800 in December.
The euro area (EA19) seasonally-adjusted unemployment rate was 10.4% in December 2015, down from 10.5% in November 2015, and from 11.4% in December 2014. Analysts were predicting no change. This is the lowest rate recorded in the euro area since September 2011. The EU28 unemployment rate was 9.0% in December 2015, stable compared to November 2015, and down from 9.9% in December 2014. This is the lowest rate recorded in the EU28 since June 2009.
Tomorrow's session will bring only minor importance Services PMI figures from Eurozone. In the US session ADP job data and ISM Non-Manufacturing PMI figures will be published. ADP's data should show incline by 193,000, while Non-Manufacturing PMI should remain unchanged.
Figures to watch:
Spanish Manufacturing PMI (Monday 9:15)
Italian Manufacturing PMI (Monday 9:45)
ADP Non-Farm Employment Change (Wednesday 14:15)
ISM Non-Manufacturing PMI (Wednesday 16:00)
