German unemployment rate hits new record low

Germany’s jobless rate hit a new record low of 6.4 per cent in March, data showed on Tuesday, in a positive sign for private consumption, which is expected to drive growth in Europe’s largest economy this year.

That beat the consensus forecast in a Reuters poll for a reading of 6.5 per cent and was the lowest since German reunification in 1990. It came after a reading of 6.5 per cent in February.

Data from the Labour Office showed the number of people out of work decreased by 15,000 on a seasonally-adjusted basis to 2.798 million. That was bigger than the drop of 12,000 forecast in a Reuters poll.

Reuters