Surprise : German Unemployment Rate falls to 16 year low

Sept. 30 (Bloomberg) -- German unemployment fell more than economists forecast in September as machine makers hired people to work off an order backlog.

The number of workers without jobs, adjusted for seasonal swings, dropped by 29,000 to 3.18 million after falling 40,000 in August, the Federal Labor Agency in Nuremberg said today. Economists expected a decline of 15,000, according to the median in a Bloomberg News survey of 39 forecasts. The unemployment rate held at 7.6 percent, the lowest level in 16 years.

Germany's economy, Europe's largest, may have grown in the third quarter, averting a recession, the DIHK chambers of commerce and industry said, Bild newspaper reported yesterday. Still, business confidence dropped to the lowest level in more than three years this month, suggesting companies may invest less in machinery and staff amid the financial-market turmoil.

``Companies' scope to absorb new workers looks robust,'' Eckart Tuchtfeld, an economist at Commerzbank AG in Frankfurt, said in an interview. ``Still, the boom days of declining unemployment are ending. There's no immunity from economic realities.''

ZF Friedrichshafen AG, a car parts maker, plans to create 4,000 new jobs this year and next, as demand for lighter, environment-friendly products grows, company Chairman Hans-Georg Haerter said at the IAA car show in Hanover this month.

http://www.bloomberg.com/apps/news?pid=20601068&sid=a9y8WZrhf5Cw&refer=economy

 

damn euros.
sitting at the cafe all day is NOT a job.

 

Looks like a great reason for the ECB to hike!!!

 

1) An all time record for the Vix


One thing that has been going up — the Chicago chaos barometer - the Vix. It measures volatility amongst S&P 500 stocks and hit an all time high of 48.36 at 3.28 New York time yesterday. That compares with a previous high of 44.28 in August 1998.

2) INTERBANK O/N DOLLAR RATES INDICATED AS HIGH AS 8 PCT IN
VOLATILE END OF Q3 TRADE - RTRS DATA

INTERBANK 3-MO DOLLAR RATES INDICATED IN 4-5.5 PCT RANGE - RTRS
DATA

US 3-MONTH TREASURY/EURODOLLAR DEPOSIT, TED SPREAD, INDICATED
BETWEEN 320-450 BPS EARLY IN LONDON

3) Dexia, following in the footsteps of Fortis yesterday, is to receive a €6.4bn cash infusion from the French, Belgian and Luxembourg governments.

Some Dexia stats (Q2 results here):

* Assets under management c. €605bn
* Tier 1 Capital ratio of 11.4 per cent (June 2008)
* Dexia bank long term rated Aa1, AA, AA+
* Dexia’s performance has been particularly affected by the troubles affecting its bond insurer subsidy FSA, which cost the bank significantly, reducing Dexia’s Q2 08 income by a third.

 

Sept. euro-zone annual CPI falls to 3.6% from 3.8% Aug.

 

So is it better to be in the UK,the Eurozone or the United States?

 

none of the above. all decaying decadent societies that is why ben laden and crew have targeted europe to establish the caliph.