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.3 f4 k- u7 E5 [, n
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.
& K8 M( q7 n# R1 r% M& J' Z The data represents "a great success" for the biggest economy in Europe, he said.
5 {/ H# v; |$ v# [9 P On Thursday, the Federal Labor Agency based in Nuremberg will publish the full text of the employment report., `7 ?4 Y. O2 g* I+ \! J
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."
% }0 E+ o8 Q: F9 D) \1 b 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.
9 U5 T* W! P% ^8 X2 q" I5 F# x# | 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.' H {3 I0 u2 t1 [. C) {' ^7 c4 ~, u3 U
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
* a0 _3 e% p0 I* ~# B 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.' X1 u9 `2 r9 h
"The upswing is standing solidly on two legs. Besides important impulses from foreign trade, the domestic economy has also gained speed," Bruederle said.5 I0 p, }8 b/ }0 U# Q
The exports are expected to rise by 14 to 15 percent, while domestic demand will grow by 2.4 percent, he said. |