German unemployment sees unexpected rise in October
German unemployment has risen by a seasonally adjust 2,000 in October, after rising by 24,000 (revised from 25,000) last month. Economists had expected no change.
The adjusted unemployment rate remains at 6.9 per cent, in line with analyst expectations. Christian Schulz, senior economist at Berenberg, says that the number of unemployed "was almost unchanged".
Schulz says that "the strength of Germany’s job market is shining through in the employment data" and that the "short-term labour market outlook remains positive".
Markets like the print, with the euro trading a little higher against the dollar on the news:
