Economics
German Unemployment Falls to Record Low Despite Economic Blip
- Jobless rate of 5 percent compares with estimated 5.1 percent
- Number of people out of work slid 16,000 vs. estimated 10,000
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Europe’s largest economy showed signs it’s still resilient as unemployment fell to a record low despite weaker business sentiment and activity across the region.
Germany’s jobless rate unexpectedly fell to 5 percent in November from 5.1 percent, and the number of people out of work slid by 16,000 compared with an estimated decline of 10,000 in a Bloomberg survey. The report backs the Bundesbank’s view that the economy is rebounding from a summer contraction, and will bolster the European Central Bank’s belief that wage pressures are mounting.