German jobless rate suddenly sags, marking fresh record minimum

German jobless rate suddenly sags, marking fresh record minimum

In September, Germany's unemployment rate suddenly sank even further, driving optimism over the health of the euro zone's key economy, as official data revealed on Friday.

Federal Statistics Office reported that in September, its jobless rate went down to a seasonally adjusted outcome of 5.6%.

It happened to be a record minimum and it also beat consensus who had hoped unemployment would be still intact at 5.7%.

Besides this, the overall number of unemployed folks tumbled by a seasonally adjusted 23,000 from the previous month versus forecasts for a sag of about 5,000. Last month jobless claims dived by 6,000 and it was updated up from an initial sag of 5,000.

Immediately reacting to the report, the currency pair EUR/USD hit 1.1794 versus 1.1804 ahead of the publication, while EUR/GBP reached 0.8798 versus 0.8805 demonstrated earlier.

Meanwhile, EU stock markets traded generally higher in early trade. The Euro Stoxx 50 rallied 0.14%, Germany's DAX soared 0.20%, France’s CAC 40 dived 0.06%, and London’s FTSE 100 added 0.41%.

 

 

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