2021.11.3009:52:00UTC+00German Unemployment Falls More Than Expected

Germany's unemployment declined more than expected in November, data published by the Federal Labor Agency revealed on Tuesday.

The number of people out of work decreased 34,000 from October, when unemployment was down 40,000. Economists had forecast a monthly fall of 25,000.

The unemployment rate fell to 5.3 percent in November from 5.4 percent in October. The rate came in line with economists' expectations.

"The recovery of the last few months has continued on the labor market," Federal Employment Agency CEO Detlef Scheele, said. Consequences of the current, worrying Corona situation in Germany have hardly shown up so far.

Data released by Destatis showed that the jobless rate held steady at seasonally adjusted 3.3 percent in October. The number of unemployed totaled 1.40 million, which was a decline of 17,700 or 1.2 percent from the previous month.

On an unadjusted basis, unemployment fell by 305,000 or 18.9 percent from the last year to 1.31 million.