Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  October 30, 2012 10:44:26

Germany - Unemployment in September twice surpassed estimates

According to the German Statistical Office estimated number of unemployed in Germany in October rose by 20,000 to 2.94 million people. The market expected grow by an average of 10 000 Without adjustment, the number of unemployed fell to 2.75 million compared to September's 2.79 million.

Adjusted unemployment rate for October was flat at 6.9% in September as in August rose 6.8%, which was the lowest in the past 2 decades.

The German economy must withstand acts of the European debt crisis and a general slowdown in global growth or demand. Germany 40% of its exports placed within the EMU and 60% across the EU. 2Q GDP growth slowed to 0.3% from 0.5% in 1Q. For 3Q still counts with economic growth, but 4Q should already major European economy could fall. According to IMF estimates, the German economy for the whole year should grow by 0.9% compared to a contraction of 0.4% EMU.
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