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German unemployment rate falls to record low of 6.2% in January

Published 02/02/2016, 03:59 AM
Updated 02/02/2016, 03:59 AM
© Reuters. German unemployment rate hits new record low in January

Investing.com - The number of unemployed people in Germany fell more than expected in January, while the unemployment rate hit an all-time low, official data showed on Tuesday.

In a report, Germany's Federal Statistics Office said the unemployment rate fell to a seasonally adjusted 6.2% in January from 6.3% a month earlier. Analysts had expected the jobless rate to hold steady at 6.3% last month.

The number of unemployed people decreased by a seasonally adjusted 20,000 last month, better than expectations for a drop of 7,000. Jobless claims fell by 16,000 in December, whose figure was revised from a previously reported decline of 14,000.

EUR/USD was trading at 1.0916 from around 1.0910 ahead of the release of the data, while EUR/GBP was at 0.7603 from 0.7598 earlier.

Meanwhile, European stock markets were broadly lower. Germany's DAX dropped 1.1%, the EURO STOXX 50 lost 1.2%, France’s CAC 40 slumped 1.5%, while London’s FTSE 100 shed 1.25%.

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