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Over in Germany, the number of people out of work has risen at the fastest rate since October of 2024.
The German labour office said the number of unemployed increased by 26,000 in seasonally adjusted terms to 2.92 million. Analysts polled by Reuters had expected that figure to rise by 10,000.
“March marks the start of the so-called spring recovery on the labour market. This year, however, the economic slump is noticeably slowing it down.”
One bright spot was the impressive 1.9% q/q (CE forecast 0.7% q/q) rise in consumers’ real incomes in Q4. The 4.2% rise in 2024 as a whole suggests households experienced the strongest real income growth in nine years.
With consumer spending hardly rising, at 12.0% in Q4 (up from 10.3% in Q3), the saving rate remains unusually high, suggesting households are choosing to save rather than spend the bulk of those gains.
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