Germany: High on jobs, low on growth

One day we are told that the employment rate in Germany has reached a new all time high and that the unemployment rate is the lowest since the reunification, the other we see that industrial production continues to fall in Germany.

In part this could perhaps be explained by growth in the service sector, and in part it reflects a drop in Germany's working age population. Still, employment growth is extraordinarily high considering the production growth numbers.

Some talk of "jobless recovery" in some periods of times in some countries. But Germany by contrast seems to have a jobfull slump or at least a jobfull stagnation.