German Unemployment Rate Flat, Spain Jobless Rate Falls in December

Nigel Thomas
03 Jan, 2013
New York City

Germany reported unemployment held steady at 6.9%, lowest in two decades. Spain said registered unemployed people fell by 59,000 in December as employers in service sector added jobs. Lending to households and companies fell in November in the euro zone.

[R]4:00 PM Frankfurt – Germany reported unemployment held steady at 6.9%, lowest in two decades. Spain said registered unemployed people fell by 59,000 in December as employers in service sector added jobs. Lending to households and companies fell in November in the euro zone.[/R]

Market indexes were under pressure after German unemployment held steady and Spain reported a decline in registered unemployment rate in December.

In UK home prices fell in December and my decline in 2013 according to the latest economic survey released by Nationwide Building Society.

In Switzerland, manufacturing output decreased less than estimated by economists in December and the overall KOF economic indicator weakened for the third month in a row.

German Unemployment Steady, Spain Adds Service Jobs

German unemployment increased less than expected.

Federal Labor Agency said the number of people looking for work in December increased to a seasonally adjusted 3,000 to 2.94 million. The increase in the month was less than what most economists had estimated between 10,000 and 15,000.

The seasonally adjusted unemployment rate in the largest economy in Europe held steady at 6.9%, near a two-decade low.

Separately, Spain reported registered unemployment declined for the first time in December in five months.

Labor ministry said the number of unemployed declined by 59,094 in December from November and total number of unemployed declined 1.2% in the month to 4.85 million in the month.

The decline in unemployment rate was driven by increase in service sector employment for the holiday season.

Spanish unemployment is expected to stay above 25% in 2013 as the nation heads for another year of contracting economic activities.