Unemployment in the Netherlands decreased (unexpectedly) in September 2020, compared to a month earlier. Based on figures from Statistics Netherlands (CBS), 4.4% of the labor force was unemployed. This equates to 413,000 job seekers. In August this was 4.6%, equal to 426,000.
Economists of Dutch banks discussed the consequences for the economy of the new corona measures in place since Wednesday. The consensus is that the short-term outlook will deteriorate, but the economy may recover faster after that. Before the new measures were announced, Rabobank economists assumed an economic contraction of 5.2%. According to them, little will change due to the restrictions imposed by the cabinet this week. The International Monetary Fund (IMF) also states that short, strict lockdowns to eradicate the virus are the least damaging to the economy.
Eurozone industry production increased slightly in August, as reported by the statistical office Eurostat. The seasonally adjusted production increased 0.7% in August compared to July. On an annual basis, industrial production decreased in August, by 7.2%.
The 6M Euribor increased with 1 basis point to -0.48% compared to previous business day. The 10Y Swap decreased with 2 basis points to -0.27% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
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