Unemployment in Germany held steady at historic lows in October, official data showed Thursday, suggesting Europe's largest economy can look forward to continuing good health. The jobless rate stood at 5.6 percent in seasonally-adjusted terms last month, the Federal Labour Agency (BA) said in a statement, the same level as in September.
In unadjusted terms, the rate fell 0.1 points to 5.4 percent - the lowest level since German reunification in 1990 - or just under 2.4 million people. "A strong economic upturn in autumn lowered unemployment and underemployment in October more strongly than usual," BA chief Detlef Scheele said. Low unemployment has favoured economic growth in Germany by increasing domestic demand for goods. Surveys show the public believe their prosperity will continue to grow, giving them the confidence to spend money. In a virtuous circle, consumer spending stokes growth at companies, which then have the resources to hire more workers.