German unemployment rate falls to 7% in October

| October 27, 2010 | 0 Comments

The Federal Labour Agency has today announced Germany’s unemployment rate fell in October to 7%, from 7.2% the previous month.

The number of unemployed, meanwhile, has fallen below the three million mark - boosted by a combination of Government measures and reforms.

Germany’s job market is much stronger than in many other countries and many believe it is the result of the “Kurzarbeit” scheme, introduced by the German Government, designed to prevent mass redundancies.

In the meantime, analysts have expected unemployment to fall in Germany but the jobless total was not expected to drop below the 3 million mark.

Germany was hit hard during the recession but the euro zone’s largest nation appears to have recovered strongly, demand from emerging countries for German goods.

In August, Germany’s central bank, the Deutsche Bundesbank, lifted its growth forecast for the economy.

The German economy is expected to grow by 3% this year – much higher than its previous forecast of 1.9%.

The German economy grew by a record 2.2% in the second quarter – the fastest quarterly growth in 20 years.

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