German Unemployment Dips to 18-Year Low in October

Discussion in 'Europe' started by Trajan, Oct 28, 2010.

  1. Trajan
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    Trajan conscientia mille testes

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    *shrugs*....good for them, really. I am in a sense envious....the question is of course, why? any takers?



    German unemployment fell slightly in October, dropping to its lowest level in 18 years as the impact of persistently strong growth in Europe's top economy continued to filter through to the jobs market.


    The number of jobless fell by 3,000 to a seasonally adjusted 3.153 million, figures from the Labor Office showed on Thursday, while the headline level dipped to 2.945 million, confirming figures announced a day earlier.

    The headline reading fell below the 3 million mark — a key political threshold — for the first time since November 2008, to its lowest point since October 1992.

    On an adjusted basis, the jobless rate held steady at 7.5 percent, while economists had forecast 7.4 percent.

    "Although October's decline in unemployment turned out weaker than expected, the underlying trend in the German labor market clearly remains one of rapid improvement on the back of strong economic growth," said Aline Schuiling from ABN Amro.

    Data on Europe's biggest economy over the past week has been bullish, signalling its unexpectedly strong recovery could hold up in the face of signs of fragility in the global economy.

    Consumer morale remains at its highest level since May 2008 going into November on expectations for a further rebound, a survey by GfK market research group showed on Tuesday.

    Business sentiment hit its highest level in 3-1/2 years in October and firms' expectations also improved, a survey showed last week, and the corporate outlook continued to improve on Thursday.

    rest at-

    News Headlines
     
  2. antagon
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    antagon The Man

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    when times were dandy, germany did the most to conserve production capacity within their borders, largely through subsidizing industry. with an economy less dependent on internal consumer confidence and consumer credit, and more prepared to scavenge international demand, particularly for luxuries, germany is poised to do well by its labor market.

    we could use a dose of german industrial policy stateside, but we've got to accept that there isnt demand for 5-10 times germany's unemployed in our job market at the moment, no matter what policies we adopt.
     
  3. Trajan
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    Trajan conscientia mille testes

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    no, but comparatively, they are doing well.
     
  4. antagon
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    antagon The Man

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    comparatively, they've not been hit as hard as the US in the employment situation. we are the epicenter of the financial crisis. this report boasts of three thousand jobless absorbed. the US shrunk net jobless by 93,000 between august and september: 31 times the german uptake. our unemployment rate didnt budge in the tenths.

    this is your comparison.
     

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