German unemployment drops as expected in November

German unemployment fell as expected in November, while the unemployment remained stable, according to data released by Destatis.

The unemployment rate came in at 6%, unchanged from the previous month and in line with economists’ expectations.

Meanwhile, the number of unemployed people fell by a seasonally-adjusted 5,000, also as expected, following a 13% drop the month before.

Pantheon Macroeconomics said this was another strong German labour market report, indicating that the cyclical recovery in the eurozone’s largest economy remains solid.

“We are literally in uncharted territory at the moment, with unemployment pushing new lows on a monthly basis, and vacancies rising to new highs. Our base case is that wage pressures will pick up next year. Employment — data released for October — also continued to hit new highs, but growth is slowing compared with the first half of the year.”