On a day when the run on peripheral Europe continues, this is basically the perfect news.
German unemployment improved again to 7.5%.
The Nuremberg agency said 2.931 million people were unemployed in November, down 14,000 from October – the first time the number of jobless had been under 3 million in two years.
Obviously this emphasises the eurozone’s dual economic track (and thus the absurdity of the single currency).
And it makes the task that much harder for Trichet, who has to craft a policy that somehow satisfies the strong economy in the core, and the crisis and need for debt monetization and the PIIGS.
(That ECB meeting is Thursday, BTW.)