There’s an ugly number from Germany, the economic powerhouse of the Eurozone: Unemployment in April unexpectedly surged 23,937.
Economists were expecting a drop of about 15,000.
Not only was this a massive miss, the number was Germany’s worst in 5 years. That being said, some people are blaming the weather.
This is actually not the first sloppy data we’ve seen from Germany lately.
Earlier this month we saw ugly German factory orders and exports.
Anyway, this is all the more reason that the ECB is likely to cut rates at its next meeting.
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