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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
GermanyGermany Employment Change fell to -12K in May 2026
FMPMonthlyReleased May 2026
Germany Employment Change fell to -12K in May 2026, down 31K from April's 19K reading. The reading missed the 10K consensus by 22K. The print is running well below the 12-month average of 5.33K. Over the past 3 months, Employment Change averaged 10K, vs 1.33K in the prior 3-month window. Employment Change is now the lowest in 15 months.
Latest Release
-12
Actual
10
Consensus
19
Previous
Median Absolute Error
±9.25 thousand
across last 12 releases
Last Call
May 2026
Predicted: 9
Actual: -12
Error: +21
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| EUR/JPY | ▼ Inverse | −0.76 | FOREX | Bearish EUR | → View |
| FTSE 100 | ▲ Direct | +0.48 | INDEX | Bullish FTSE 100 | → View |
| EUR/GBP | ▼ Inverse | −0.47 | FOREX | Bearish EUR | → View |
| DAX | ▲ Direct | +0.37 | INDEX | Bullish DAX | → View |
| S&P 500 | ▲ Direct | +0.36 | INDEX | Bullish S&P 500 | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Employment Change (Germany) was reported at -12 thousand in May 2026. This missed the market consensus of 10 thousand by 22 thousand. The reading fell from the previous value of 19 thousand. Trailing 12-month context per ETL data through May 2026. Over the past 12 months, the indicator has averaged 0 thousand, ranging from -12 thousand to 14 thousand across 10 releases. This is classified as a medium-impact indicator released on a monthly basis.
WHY IT MATTERS
The indicator has been trending downward over the last three releases. The trailing three releases averaged -4 thousand, down from the prior three at 1 thousand.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with EUR/JPY (Bearish EUR). A secondary relationship exists with FTSE 100, positively correlated (Bullish FTSE 100). Over the last 12 releases, the Sigmacast model's median absolute error is 9 thousand.
WHAT TO WATCH NEXT
The next release is scheduled for June 30, 2026. Same-country events in the next 14 days include Wholesale Prices MoM (Jun 15) and Wholesale Prices YoY (Jun 15).
Auto-generated from current model state · Refreshes on each release · Last update May 2026.
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Employment Change - DE
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About Employment Change — Germany
DEFINITION
Employment Change is a key economic indicator that measures the net change in the number of people employed in a given period of time. It provides valuable insights into the health of the job market and overall economic growth. A positive employment change indicates an increase in job opportunities, while a negative change suggests a decline in employment. This indicator is closely monitored by policymakers, investors, and businesses to make informed decisions and assess the current state of the economy.
WHY THIS INDICATOR MATTERS
This release contributes to the broader macro picture used by cross-asset investors for positioning and risk management. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (May 2026): actual -12 K, consensus 10 K. Prior reading (Apr 2026): 20 K. Before that (Mar 2026): 0 K.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a materially lower reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bearish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary headwind in the current projection. This indicator correlates most strongly with EUR/JPY (Bearish EUR, r=-0.76) — a useful reference for forex-focused traders.