Germany's Jobfull Stagnation

One day we are told that the employment rate in Germany has increased 3.7% relative to the population (reaching 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. It could perhaps also reflect that official statistics either underestimate production growth or overestimate employment growth-or both. 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.