German Unemployment Rate Steady At 6.3%

(RTTNews) - Germany's unemployment rate remained unchanged in November and the number of unemployed increased less than expected, official data showed Friday.

The Federal Employment Agency said the jobless rate stood at 6.3 percent in November, the same rate as in October and also matched expectations.

On a seasonally adjusted basis, the number of unemployed increased 1,000 from the previous month, the agency reported. Economists had forecast an increase of 4,000. Unadjusted unemployment fell 26,000 to 2.88 million in November.

The economic weakness persists and the labor market remains sluggish, Federal Employment Agency Chairwoman Andrea Nahles said.

Unemployment and underemployment declined in November as is typical for the season, Nahles noted. The number of employed people is stagnating and the demand for labor remains subdued, she added.

According to the labor force survey, there were 1.66 million unemployed in October, Destatis said. Unemployment increased by 5,000 from September. The adjusted jobless rate was unchanged at 3.8 percent.

Despite today's favorable news from the labour market, a turning point is clearly not in sight, ING economist Carsten Brzeski said.

Instead, the very gradual worsening of the German labour market is likely to continue, clearly complicating any comeback of private consumption, he added.