German Unemployment Rises by 12,000 in September, Far Exceeding Forecasts
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According to September employment figures released by Germany's Federal Employment Agency on the 30th, the seasonally adjusted number of unemployed rose by 12,000 from the previous month to 3.01 million. The increase far exceeded the 1,000 gain forecast by analysts surveyed by Reuters. The seasonally adjusted unemployment rate was unchanged at 6.4 percent. The unadjusted number of unemployed had exceeded 3 million for two consecutive months, but in September it fell slightly below that level. In a statement, agency head Nahles noted that while Germany's labor market usually enters its autumn recovery phase starting in September, this year's start has been sluggish, saying that the economic improvement has not yet reached the labor market.