Economics
German Unemployment Rate Falls to Record Low on Domestic Demand
- Unemployment rate drops to 6.3%, lowest since reunification
- Joblessness fell to seasonally-adjusted 2.77 million in Nov.
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Germany’s unemployment rate unexpectedly dropped to a record low in a sign that robust domestic demand is bolstering confidence in the growth prospects for Europe’s largest economy.
The jobless rate fell to 6.3 percent in November, the lowest level since German reunification, from 6.4 percent the previous month, data from the Federal Labor Agency in Nuremberg showed on Tuesday. The number of people out of work declined a seasonally adjusted 13,000 to 2.77 million. Economists in a Bloomberg survey predicted the rate would remain unchanged and the number of jobless would decline by 5,000.