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German jobless total falls more than expected in November
November 30, 2017 / 9:01 AM / 17 days ago

German jobless total falls more than expected in November

BERLIN (Reuters) - Germany’s unemployment total fell more than expected in November, data showed on Thursday, reflecting the strength of a labour market that continues to generate new jobs and support a consumption-led upswing in Europe’s largest economy.

Data published by the Federal Labour Office showed the seasonally adjusted jobless total fell by 18,000 to 2.476 million, a far bigger drop than the 10,000 forecast in a Reuters poll.

The October figure was revised to a fall of 12,000 from a previously reported decrease of 11,000.

The unemployment rate remained at 5.6 percent, the lowest level since German reunification in 1990.

“The very good development on the labour market continues,” said Valerie Holsboer of the Labour Office. “Unemployment and underemployment are falling, insurable employment and demand by companies for new workers have risen strongly to a new level.”

The healthy labour market should continue supporting a consumption-based growth cycle in Germany, contributing to rising tax revenues which also help the government to increase public spending.

Reporting by Joseph Nasr; Editing by Michael Nienaber

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