Forex News – Germany’s unemployment falls in September

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Germany’s unemployment fell more than forecasted in September as indicated by a Destatis unemployment change report today. The data suggest that the European Union’s largest economy is surviving the region’s debt crisis and the labour market is slowly picking up momentum as employers are beginning to hire more people despite concerns lately of a new recession in Europe and the rest of the globe.

Seasonally adjusted figures from the labour office showed the number of unemployed fell by 26,000, far more than the 8,000-drop expected by economists, putting the jobless rate at its lowest level since reunification two decades ago. The numbers put unemployment at 6.9 percent now.

Germany’s swift recovery has helped stimulate growth in Europe, despite growing concerns over how the euro zone is handling the debt crisis in its weaker periphery states.

German spending and output have helped power the region’s expansion. Export growth accelerated in the second quarter, helping counter a drop in consumer demand and construction output. Imports increased 3.2 percent in that period, up from 1.7 percent in the previous three months.

The euro rose after the release at 07:55 GMT, to hit a session high of 1.3677 from 1.3659. It last traded at 1.3667 at 10:00 GMT.