UPDATE 1-German unemployment dips to 18-yr low in Oct

* Unadjusted jobless falls below key 3 million mark

* Adjusted jobless rate steady at 7.5 percent

* Figure misses forecast, but trend still positive-economist

(Adds economist quote, graphic, details, background)

NUREMBERG, Germany, Oct 28 (BestGrowthStock) – German unemployment
fell slightly in October, dropping to its lowest level in 18
years as the impact of persistently strong growth in Europe’s
top economy continued to filter through to the jobs market.

The number of jobless fell by 3,000 to a seasonally adjusted
3.153 million, figures from the Labour Office showed on
Thursday, while the headline level dipped to 2.945 million,
confirming figures announced a day earlier. [ID:nLDE69Q1VE]

The headline reading fell below the 3 million mark — a key
political threshold — for the first time since November 2008,
to its lowest point since October 1992.

On an adjusted basis, the jobless rate held steady at 7.5
percent, while economists had forecast 7.4 percent.

“Although October’s decline in unemployment turned out
weaker than expected, the underlying trend in the German labour
market clearly remains one of rapid improvement on the back of
strong economic growth,” said Aline Schuiling from ABN Amro.


Graphic on German unemployment:


Data on Europe’s biggest economy over the past week has been
bullish, signalling its unexpectedly strong recovery could hold
up in the face of signs of fragility in the global economy.

Consumer morale remains at its highest level since May 2008
going into November on expectations for a further rebound, a
survey by GfK market research group showed on Tuesday.

Business sentiment hit its highest level in 3-1/2 years in
October and firms’ expectations also improved, a survey showed
last week, and the corporate outlook continued to improve on

Deutsche Lufthansa AG (LHAG.DE: ) said it expected business to
remain strong into 2011 after demand for international premium
class travel and cargo services improved in the third quarter.

And truckmaker MAN SE (MANG.DE: ) raised its full-year targets
for orders, revenue and profitability on the back of booming
demand in Brazil and a rebound in its core European market.

(Reporting by Joerg Voelkerling; Editing by John Stonestreet)

UPDATE 1-German unemployment dips to 18-yr low in Oct