Investing.com – The number of unemployed people in Germany rose unexpectedly in October, official data showed on Wednesday.
In a report, Germany's Federal Statistics Office said the number of unemployed people rose by a seasonally adjusted 10,000 in October, confounding expectations for a decline of 10,000.
The previous month’s figure was revised to a drop of 22,000 from a previously reported decline of 26,000.
The report showed that Germany’s unemployment rate rose to 7.0% in October, up from 6.9% in September. Analysts had expected the jobless rate to remain unchanged at 6.9%.
Following the release of the data, the euro held on to gains against the U.S. dollar, with EUR/USD rising 0.55% to trade at 1.3779.
Meanwhile, European stock markets were broadly higher after the open. The EURO STOXX 50 jumped 1.05%, France’s CAC 40 rose 1.35%, the FTSE 100 gained 0.45%, while Germany's DAX climbed 1.2%.
In a report, Germany's Federal Statistics Office said the number of unemployed people rose by a seasonally adjusted 10,000 in October, confounding expectations for a decline of 10,000.
The previous month’s figure was revised to a drop of 22,000 from a previously reported decline of 26,000.
The report showed that Germany’s unemployment rate rose to 7.0% in October, up from 6.9% in September. Analysts had expected the jobless rate to remain unchanged at 6.9%.
Following the release of the data, the euro held on to gains against the U.S. dollar, with EUR/USD rising 0.55% to trade at 1.3779.
Meanwhile, European stock markets were broadly higher after the open. The EURO STOXX 50 jumped 1.05%, France’s CAC 40 rose 1.35%, the FTSE 100 gained 0.45%, while Germany's DAX climbed 1.2%.