German unemployment rate falls to 6.3 pct in October-Xinhua - 新华网

BERLIN, Oct. 30 (Xinhua) -- Germany's unemployment rate edged down to 6.3 percent in October from 6.4 percent in September, official data showed Friday, although weak hiring demand and a modest decline in joblessness pointed to continued pressure on the labor market.

The number of unemployed people fell by 40,000 from the previous month to 2.955 million, but remained 44,000 higher than a year earlier, according to the Federal Employment Agency.

"Economic conditions remain insufficient for an improvement in the labor market," said Andrea Nahles, head of the agency, noting that the decline in unemployment in October was relatively modest.

Meanwhile, a business survey suggested that German companies were becoming more cautious about cutting jobs, following years of economic weakness and widespread plans to reduce staffing levels.

The Munich-based ifo Institute said Wednesday that its employment barometer rose to 95.5 points in October from 95.1 points in September, although the employment outlook in manufacturing remained weak, with further job cuts planned, particularly in the automotive industry.

"Companies are becoming somewhat more cautious about cutting jobs, but the economic upturn still lacks the strength for a broad expansion of the workforce," said Klaus Wohlrabe, head of surveys at ifo. ■