German Unemployment Falls to 18 Year Low

macedoniaonline.eu...

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.

Germany is unique in having the Social Market Economy which is different from the rest of Western economies. A 7.4% Unemployment rate is still rather high but for Germany this is very low and just proves that what the Germans are doing with their economy is correct. A trade surplus combined with a low budget deficit and one of the highest economic growths in the Western world.

Did you know Germany is one of the only Countries that did not have a stimulus package of any kind. There was no spending your way out of debt there and it worked. Good for them!