Unemployment drops despite downturn
AFP/DPA/The Local · 27 Nov 2008, 11:25
Published: 27 Nov 2008 11:25 GMT+01:00
Companies are still hiring in the world’s third largest economy and the job market is stable, BA head Frank-Jürgen Weise said, but there are signs that the economic downturn will begin to have an effect soon.
The unemployment rate dropped 0.1 percent to 7.1 percent, with a total number of 2,988,000 jobless in the country, the BA reported. The reduction comes despite thousands of job cuts in the auto industry.
The BA warned that unemployment rates, are bound to increase soon for the world’s biggest exporter, which Finance Minister Peer Steinbrück admitted on Wednesday had fallen into a recession.
In October the total jobless number fell under the three million mark for the first time in 16 years, helped by improving economic conditions in previous years and the effects of government reforms.