German Unemployment Unexpectedly Falls as Economy Recovers
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German unemployment unexpectedly fell in February amid signs that Europe’s biggest economy is returning to growth after a contraction at the end of last year.
The number of people out of work fell a seasonally adjusted 3,000 to 2.92 million, the Nuremberg-based Federal Labor Agency said today. Economists had predicted unemployment to be unchanged, the median of 33 estimates in a Bloomberg News survey showed. The adjusted jobless rate held at 6.9 percent this month after the January rate was revised up from an initially reported 6.8 percent.
“Investment, spurred by cheap money, is back helping drive the economy after being put on ice in the last quarter,” said Stefan Kipar, an economist at Bayerische Landesbank in Munich. “The cumulative picture is good: Investors are looking at relatively healthy domestic demand underpinned by employment levels and are encouraged by a recovering export outlook.”
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