German unemployment declined unexpectedly in November despite new restrictions introduced to curb the Covid-19 infection, the Federal Labor Agency revealed Tuesday.

The number of people out of work decreased 39,000 in November after falling 38,000 in October. Economists had forecast a monthly increase of 8,000.

The jobless rate fell to 6.1 percent from 6.2 percent in the previous month. The rate was forecast to rise to 6.3 percent.

Strong German labor market report for November suggests very little impact from the second lockdown, Carsten Brzeski, an ING economist said.

But the rising number of short-time workers, as well as the longer-term impact from the second lockdown, clearly argue against too much optimism, the economist added.

Earlier in the day, labor force survey data released by Destatis showed that the jobless rate remained at seasonally adjusted 4.5 percent in October.

The number of unemployed persons decreased by unadjusted 12,000 from the previous month to 1.93 million.

The material has been provided by InstaForex Company – www.instaforex.com

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