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German unemployment extends decline as economic growth picks up

Frankfurt - German unemployment extended its decline in December amid signs that growth in Europe’s largest economy accelerated at the end of last year.

The number of people out of work fell by a seasonally adjusted 17 000 to 2.638 million, data from the Federal Labor Agency in Nuremberg showed on Tuesday. Economists in a Bloomberg survey forecast a drop of 5 000.

The jobless rate remained unchanged at 6%, matching the lowest level since reunification.

Germany’s economy expanded at a "significantly faster pace" in the fourth quarter, driven by improvements in industry and private consumption, according to the Bundesbank.

Business sentiment as measured by the Ifo research institute rose to the highest level in almost three years in December, signalling strong growth momentum going into the new year.

"The good development in unemployment continued at the end of the year," Frank-Juergen Weise, president of the labor agency, said in a statement.

"Even though the long-lasting increase in employment has weakened markedly since the summer, demand for new labour continues to be at a very high level."

The number of people out of work fell by some 10 000 in western Germany and decreased by about 8 000 in the eastern part of the country, the labour agency said.

The impact of migration on the labour market is becoming increasingly visible, it said. Some 425 000 refugees were registered as job seekers in December, with 164 000 of those unemployed.

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