Unemployment in Germany fell more than expected in November, data showed on Wednesday, but economists warned the labour market cannot escape unscathed from a downturn predicted for Europe's biggest economy. The seasonally-adjusted figures from the Federal Labour Office showed unemployment fell by 20,000 compared with an expected drop of 5,000, nudging the adjusted jobless rate down slightly to 6.9 percent.
In October, unemployment rose for the first time since early 2010. "The labour market is benefiting from good economic developments. There is no sign of a deterioration in November," said Labour Office board member Heinrich Alt. Growth is expected to slow next year with estimates ranging from about 0.5 percent to 1 percent. German sportscar maker Porsche plans to add as many as 1,000 jobs a year as part of its growth plans.
In a further sign that Germany's economy may not face a severe or prolonged recession, retail sales rose last month. They jumped 0.7 percent on a monthly basis in real terms though fell 0.4 percent on an annual basis. Economists, who warn that the figures are dated and volatile, had expected an unchanged reading month-on-month and a 2 percent annual gain.
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