German Jobs Boom Continues in November -Labor Agency

German jobless claims dropped by more than expected in November while the unemployment rate stayed at a record low, a trend that has been spurring household consumption in Europe’s largest economy.

Jobless claims fell by 18,000 from October, the Federal Employment Agency–known as BA–said Thursday, referring to data adjusted for seasonal swings. Economists polled by The Wall Street Journal had forecast a decline of 9,000.

“The very strong showing in the labor market continues” and demand for labor remains strong, said Valerie Holsboer, an executive board member at the BA.

Illustrating this trend, about 772,000 job vacancies were registered with the BA in November, or 91,000 vacancies more than a year earlier.

Germany’s adjusted jobless rate was unchanged at 5.6% in November, the lowest rate since the beginning of the series in January 1992.
Source: Dow Jones

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