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Unemployment down in Germany

October 29, 2015

The unemployment rate in Germany has dropped well below the 3-million mark, the Federal Labor Office has reported. Seasonally adjusted, the figures also point downwards, but are not half as impressive.

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Worker
Image: picture-alliance/dpa/P. Pleul

For the first time since November 1991, the number of unemployed people in Germany dropped below the 2.7-million threshold, the Federal Labor Office (BA) announced Thursday while presenting the job figures for October.

It said 2,694,000 people were out of work this month, marking a month-on-month decrease of 59,000 and a drop of 83,000 in a year-on-year comparison.

The Nuremberg-based office reported the unemployment rate had thus fallen to 6.0 percent, down from 6.2 percent in the previous month.

The refugee issue

"The domestic labor market continues to show favorable developments," BA chief Frank-Jürgen Weise told reporters. "The strong employment trend shows no sign of easing."

The October report came amid an unabated influx of refugees into Germany. But analysts said it was far too early to speculate about what short and medium-term impact the new arrivals would have on the overall job figures.

Adjusted for seasonal factors, the October figures showed a far lower drop in people out of work in Europe's powerhouse. BA officials said the jobless numbers went down by just 5,000 people in adjusted terms month-on-month.

hg/pad (AFP, Reuters, dpa)