4 December 2002, 12:19   German jobless jumps in November

German unemployment rose twice as fast as expected last month, which may hit consumer confidence and impact on spending in Europe's largest economy ahead of Christmas The number of jobless rose a seasonally adjusted 35,000 in November from October, according to the Labour Office. This compared to forecasts for an increase of 15,000 on the month The increase pushed the unemployment rate in November up to 9.7pc from 9.4pc and the total number of jobless stood at 4.03 million The German economy grew 0.3pc in the third quarter, the same pace as in the second quarter, as unemployment rose and consumers held back spending. The Federal Statistics Office reported this morning that retail sales fell 0.7pc in October from September and were down 1.1pc year-on-year. The increase in the jobless total may further slow activity on Germany's high streets and shopping centres According to the Labour Office, in west Germany, the number of jobless rose 9,000 in November to 2.65 million and the jobless rate was 7.8pc. In east Germany, the total number of jobless rose 26,000 to 1.38 million, leaving the jobless rate at 17.6pc. //www.fxcentre.com/

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