German Jobless Rate Falls below 10 pct for First Time in Four Years

A man takes a number at an unemployment centre in Frankfurt/M (AFP Photo)

The German jobless rate fell below 10 percent for the first time in four years in October, as the recovery in the eurozone's biggest economy continued to gather momentum.

The jobless total fell by 152,000 to 4.085 million in October in raw or unadjusted terms, bringing the jobless rate down to 9.8 percent from 10.1 percent a month earlier, the Federal Labour Agency in Nuremberg calculated Thursday.

Both the jobless total and the jobless rate were at their lowest levels since November 2002.

Labour office chief Frank-Juergen Weise said that usual autumn upturn was having a positive effect on the labour market.

But even after taking seasonal factors into account, there was also a reduction in the jobless queues this month.

Seasonally adjusted data published separately by the Bundesbank showed a decline in the German jobless total of around 67,000 to 4.348 million in October.

The adjusted jobless rate also remained declined to 10.4 percent from 10.6 percent a month earlier, the German central bank said.

A regional breakdown of the numbers showed that unemployment in the economically more important west of Germany decreased by 56,000 to 2.89 million in seasonally adjusted terms last month, reducing the adjusted jobless rate to 8.7 percent from 8.9 percent.

And in the east, the seasonally adjusted jobless total was up by 11,000 at 1.458 million, trimming the jobless rate to 17.1 percent from 17.2 percent.

Source: AFP

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