A “cold-weather blip” is being blamed for Germany’s unexpected increase in unemployment. According to the national weather service, Germany suffered its coldest December since 1969 and workers engaged in occupations sensitive to weather conditions were likely laid off in larger numbers than typically expected.
“Last month was bitterly cold and it would be no surprise if some transport and construction companies laid off staff,†Holger Bahr, chief macro-economist at DekaBank in Frankfurt, said in an interview. “The positive underlying trend for unemployment remains intact.â€
Source: Bloomberg
