BERLIN, Oct. 27 (Xinhua) -- German unemployment drops below the 3 million psychological line in October, said German Labor Minister Ursula von der Leyen on Wednesday.8 r1 ~3 P- z- I) p
Von der Leyen said the unemployment rate falls by 7.5 percent year-on-year after seasonal adjustment, staying at about 2.9 million, the lowest level since 1992.
) o$ V1 j$ `5 N4 u H" `3 p The data represents "a great success" for the biggest economy in Europe, he said.
& [. E6 y' O1 J G" p On Thursday, the Federal Labor Agency based in Nuremberg will publish the full text of the employment report.! V/ b$ z8 a# J8 i& q& r& F3 c6 K
The data has been widely expected beforehand. On Tuesday, GfK, a leading market research company, said "as early as October, unemployed people should move below the 3 million mark."
' D V0 n z5 Q& J$ t# I Private consumption is expected to rise 0.5 percent in 2010, thanks to upward trend in the labor market and stable consumer price, said GfK.
7 a7 f# w* Q3 Y, ? L5 b7 Q The Federal Statistical Office (Destatis) based in Wiesbaden said on Wednesday inflation rate is stable in October, only 0.1 percent up from September, according to a preliminary data.. r, u4 G3 G$ ?7 W* p7 J
German economy, which depends much on exports saw a quick rebound from last year's deep recession of minus 4.7 percent along with the world economy recovery in 2010. |, F3 e4 L; F* t8 J( o
Last week, German economic minister Rainer Bruederle said German economy was expected to rise 3.4 percent in 2010 and 1.8 percent next year., s" v- a% }5 O! U* ?! f
"The upswing is standing solidly on two legs. Besides important impulses from foreign trade, the domestic economy has also gained speed," Bruederle said.
8 ^8 |# q9 z: g5 z6 j6 C$ @ The exports are expected to rise by 14 to 15 percent, while domestic demand will grow by 2.4 percent, he said. |