Germany unemployment change 4k in August, rate steady at 6.4%

Germany's labour market added fewer jobless than expected in August, data from the Federal Employment Agency showed on Thursday.

The seasonally adjusted unemployment change came in at +4,000, below the +5,000 consensus estimate and down from a revised +6,000 in July. The unemployment rate held at 6.4% for the third consecutive month, matching forecasts.

The print offers a modest positive surprise for the euro zone's largest economy, where labour conditions have remained resilient even as manufacturing weakness and global trade uncertainty persist.

For the ECB, the steady jobless rate reinforces the case for a cautious approach to rate cuts. Policymakers have pointed to tight labour markets as one reason to move gradually on easing, and today's data does nothing to change that calculus.

The euro edged up marginally after the release, with EUR/USD steadying above the 1.0500 mark in early European trade.