July 31, 2018 / 8:02 AM / 3 months ago

German labour market loses steam in July

BERLIN, July 31 (Reuters) - Germany’s jobless numbers dropped by less than expected in July, data showed on Tuesday, reflecting a cooling economy.

The Federal Labour Office said the seasonally adjusted jobless total fell by 6,000 to 2.338 million. That compared with an expected drop of 10,000 forecast in a Reuters poll.

The unemployment rate was unchanged at 5.2 percent, the lowest since German reunification in 1990.

A robust labour market has been the backbone of a consumption-led upswing in Europe’s largest economy, which went through a soft patch at the start of the year.

“The development of the labour market is very good,” Labour Office head Detlef Scheele said in a statement. “But it is no longer as energetic as before.”

The outlook for the economy has been clouded by restrictive trade measures and fears of a trade war between major trading blocs. (Reporting by Joseph Nasr Editing by Paul Carrel)

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