German unemployment fell in May for a 23rd straight month as export-driven growth and increased spending by businesses and consumers extended a jobs boom.
The number of people out of work dropped a seasonally adjusted 8,000 to 2.97 million, the Nuremberg-based Federal Labor Agency said today. Economists forecast a drop of 30,000, according to the median forecast of 30 estimates in a Bloomberg News survey. The jobless rate declined to 7 percent, the lowest since records for a reunified Germany began in 1991.
Declining unemployment in Europes biggest economy underscores German resilience in the face of a clampdown on budget deficits by euro-area governments buffeted by the debt crisis and rising fuel prices that crimp household spending. Retail sales edged up in April after declining in March, the Federal Statistics Office said today.
Unemployment Declines in May as Exports Boom Powers
The number of people out of work dropped a seasonally adjusted 8,000 to 2.97 million, the Nuremberg-based Federal Labor Agency said today. Economists forecast a drop of 30,000, according to the median forecast of 30 estimates in a Bloomberg News survey. The jobless rate declined to 7 percent, the lowest since records for a reunified Germany began in 1991.
Declining unemployment in Europes biggest economy underscores German resilience in the face of a clampdown on budget deficits by euro-area governments buffeted by the debt crisis and rising fuel prices that crimp household spending. Retail sales edged up in April after declining in March, the Federal Statistics Office said today.
Unemployment Declines in May as Exports Boom Powers