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German unemployment drops in October

Source : AP
Last Updated: Wed, Oct 30, 2013 10:00 hrs

Germany's unemployment rate dropped slightly in October to a healthy 6.5 percent as the number of people without jobs hit its lowest level since November 2012.

The Federal Labor Agency said Wednesday that 47,835 fewer people were jobless in October over September, bringing the number of unemployed down to 2,801 million and the rate down from 6.6 percent.

ING economist Carsten Brzeski says the fall revival of the German labor market is "somewhat softer than normal," but that the numbers show it "still remains an important growth driver."

When adjusted for seasonal factors, the unemployment rate was unchanged at 6.9 percent.

Unemployment in Germany has remained far lower than many other countries in Europe, with the average rate among the nations using the euro currency at 12 percent.

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