The jobless total in Germany has fallen back below the benchmark four million mark that almost cost chancellor Gerhard Schroeder the election last month The total number of jobless for the whole of Germany in September was 3.94 million, down an unadjusted 76,400 compared to August, and up 198,800 compared to September last year. The unadjusted jobless rate was 9.5pc, compared to 9.6pc in August.
Despite the modest improvement, unemployment in Europe's largest state remains close to a three year high. Business confidence fell for the fourth straight month in September and a report tomorrow is expected to show industrial production declined in August As a sign of his growing concern over stagnating growth, Schroeder has created a new "superminister" to manage jobs and the economy. The appointment of high profile official Wolfgang Clement to the new post has been welcomed by German business, with the Federal Association of German Industry stating that he brings "considerable political weight to the expanded economics ministry"
The jobless total crossed the politically sensitive four million mark in July, news that many believed would cost Schroeder the election. //www.fxcentre.com