Unemployment in Germany falls to historic low

Germany’s labor market is going from strength to strength, figures from the Federal Employment Agency shows.

The number of unemployed Germans fell by 20,000 to 2.36 million in November, hitting the lowest level since the re-unifaction in 1990.

As a consequence, the unemployment rate also declined by 0.1 point to 5.3 percent. Year on year, 164,000 fewer people were registered as out of work than that in November 2016.

“The labor market’s very good development continues” said Valerie Holsboer, member of the executive board of the Federal Employment Agency.

“Unemployment and underemployment are decreasing and companies’ demand is still rising from an already high level,” Holsboer added.

The Federal Employment Agency described November’s fall in unemployment as “stronger than usual.” Even on a seasonally-adjusted basis there were 18,000 fewer Germans out of work during the month.