German Unemployment Drops to Lowest in 15 1/2 Years - by Rainer Buergin
German unemployment fell more than expected in March to the lowest level since August 1992 as worldwide demand for cars, sports shoes and factory machinery prompted companies to add staff. The jobless rate, adjusted for seasonal swings, declined to 7.8 percent from 8 percent in February, the Federal Labor Agency in Nuremberg said today. The median forecast in a Bloomberg News survey of 32 economists was for a decline to 7.9 percent. ``The progress achieved in the German labor market is tremendous,'' said Stephan Rieke, an economist at BHF-Bank AG in Frankfurt.
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