German unemployment rate falls to record low

Germany’s jobless rate fell to a record low of 6.5 per cent in January, data from the Labour Office showed on Thursday, boosting expectations that private consumption will help propel growth in Europe’s largest economy this year.

The jobless rate hit its lowest level since Germany reunified in 1990 after the December reading was revised up to 6.6 per cent from an originally reported 6.5 per cent.

The consensus forecast in a Reuters poll had been for 6.5 per cent.

The number of people out of work decreased by 8,000 on a seasonally-adjusted basis to 2.836 million, the data showed.

That compared with the consensus forecast in a Reuters poll for it to drop by 10,000.

Reuters