German Unemployment Dips in October

The number of unemployed people in Germany dropped slightly in October, falling by 55,100 people to 4.151 million jobless. Announcing its latest unadjusted figures on Thursday, the Federal Labor Office said there were still 222,000 more unemployed people than the previous October. The overall unemployment rate fell a marginal 0.1 percent to 10 percent, down from September's 10.1 percent. Last year, that rate stood at 9.4 percent. But the numbers for October were still rosier than the government expected, Labor Office Chairman Florian Gerster said. Despite the silver lining in his report, Gerster warned that a funamental shift in the labor market -- and consequent growth in jobs -- could only happen if the package of reform bills currently its their way through parliament is approved. Seasonally adjusted figures for October will likely show a reduction in jobless of 12,000 and an overall number of 4.380 million unemployed.