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German Unemployment Falls Below 3 Million to 19-Year Low

German unemployment fell below 3 million for the first time in almost 19 years in April in adjusted terms, increasing the likelihood that household spending will boost economic growth.

The number of people out of work dropped a seasonally adjusted 37,000 to 2.97 million, the Nuremberg-based Federal Labor Agency said today, the lowest level since June 1992. The decline matched the median of 34 estimates in a Bloomberg News survey of economists. The jobless rate was unchanged at 7.1 percent.