German March ILO unemployment rose to 7.6% from 7.4% in the previous month. We had been looking for a rise to 7.5% so data were a tad higher than expected, but the focus remains on the more up to date national numbers, with April data released later today. Here we are looking for a rise in the jobless total of 60K, which should lift the overall jobless rate to 8.2% (median same). Unemployment has already risen markedly, but is kep down so far by extended facilities for companies to enforce shorter working hours. However, if there is no turnaround in demand soon companies will eventually have to cut back costs and jobs and Germany could face a wave of mass job cuts later in the year.