Labor Market: Germany and the US
Unemployment is the business-cycle indicator with the greatest influence on monetary policy decisions. For investors it is mainly a leading signal for rate turns: when unemployment rises materially, central banks usually cut — lifting bond prices and supporting equity valuations.
As of September 2026 · series since Jan 1, 1999 (333 observations) · change vs previous +0.00.
History by Year
| Year | Germany unemployment rate | US unemployment rate |
|---|---|---|
| 2026 | 4.10 | 4.20 |
| 2025 | 3.90 | 4.40 |
| 2024 | 3.50 | 4.10 |
| 2023 | 3.20 | 3.80 |
| 2022 | 3.10 | 3.50 |
| 2021 | 3.40 | 3.90 |
| 2020 | 3.80 | 6.70 |
| 2019 | 3.10 | 3.60 |
| 2018 | 3.10 | 3.90 |
| 2017 | 3.40 | 4.10 |
| 2016 | 3.70 | 4.70 |
| 2015 | 4.20 | 5.00 |
| 2014 | 4.60 | 5.60 |
| 2013 | 4.80 | 6.70 |
| 2012 | 5.00 | 7.90 |
| 2011 | 5.20 | 8.50 |
| 2010 | 6.10 | 9.30 |
| 2009 | 7.20 | 9.90 |
| 2008 | 7.10 | 7.30 |
| 2007 | 8.10 | 5.00 |
| 2006 | 9.40 | 4.40 |
| 2005 | 10.70 | 4.90 |
| 2004 | 10.70 | 5.40 |
| 2003 | 9.80 | 5.70 |
| 2002 | 9.20 | 6.00 |
Relationship With Equity Markets
Correlation of changes, not of levels. Two series that both trend for years correlate almost perfectly in levels without any relationship following from it. Values near 0 mean no discernible co-movement.
| Series | Strongest relationships |
|---|---|
| Germany unemployment rate | Nikkei 225 +0.06 n=200 · Bitcoin +0.04 n=109 Based on monthly changes |
| US unemployment rate | Bitcoin +0.11 n=108 · Nikkei 225 +0.05 n=199 Based on monthly changes |
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