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German unemployment rate drops

(Xinhua)

13:17, December 01, 2011

BERLIN, Nov. 30 (Xinhua) -- Figures released on Wednesday showed that the unemployment rate in Germany fell to 6.4 percent in November, an all-time low in the past 20 years, largely thanks to the rising demand for labor force.

Meanwhile, the unemployment rate in the 17-nation eurozone reached the historic height of 10.3 percent in October.

"The orders for German products are full in spite of the eurozone debts crisis and the pessimistic prospect," German Labor Minister Ursula von der Leyen said, optimistic towards the forthcoming Christmas business season.

Adding to the heartening statistics was the fact that the retail sales moved up by 0.7 percent in October over the previous month, as German consumers kept spending despite the contagious eurozone debts crisis.

The overseas order for German products also soared, as figures from the German Exporters Association (BGA) on Tuesday showed it will continue to increase by 6 percent, after a great leap of 12 percent rise this year.

However, some analysts expressed more cautious opinions, fearing the current rosy economic indicators in the jobs market and individual spending in Germany might not be sustainable in the long run as downturn of the world economy could exert more negative influences.

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